Wednesday, December 12, 2018 | ePaper
Govt plans to make EFD mandatory for businesses
Electronic Fiscal Device (EFD) will be installed in all business establishments across the country to stop dodging of Value Added Tax (VAT) and ensure transparency in its collection process.
In the proposed budget for fiscal year 2018-19 (FY19), Finance Minister AMA Muhith has proposed to make mandatory the installation of EFD in all large resorts, hotels and other business entities.
He said installation of EFD will link the National Board of Revenue (NBR) with all business establishments that will help stop dodging of VAT.
The finance minister said VAT online system has been introduced as part of digitization of VAT administration. Over 1.5 lakh establishments have already taken online registration. With the installation of EFD, the VAT administration will be able to collect VAT properly.