Sunday, 19 September, 2021

NBR holds 7th lottery for VAT payers today

  • Staff Correspondent
  • 5 August, 2021 12:00 AM
  • Print news
NBR holds 7th lottery for VAT payers today

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National Revenue Board (NBR) holds its seventh round lottery today on invoices generated by the Electronic Fiscal Devices (EFDs) for purchasing goods from the shops or outlets having the facility.

The NBR introduced lottery in January this year on EFDs invoices aimed at encouraging people to ask salespeople for machine-generated memos to ensure the value-added tax (VAT) goes to the treasury properly.

However, the revenue board has missed installation target of EFD system. In the first phase, NBR started the project with a plan to install 1 lakh EFDs by June 2020. Now, the project reviewed and sat a target to install 10,000 EFDs by June, 2022 due to covid-19 pandemic.

The revenue board has installed around 3393 EFDs so far in Dhaka and Chottagram.  The NBR blamed the coronavirus pandemic for failure to reach the target within the time-frame.

NBR chairman Abu Hena Md Rahmatul Muneem is expected to attend the ceremony today as the chief guest.

The lottery is scheduled to be held at 11 am on Thursday at conference hall of the NBR building at Segunbagicha in Dhaka. In the lottery, the NBR will announce cash rewards of Tk 1.2 million for 101 winners.

The first prize winner will get Tk 1 lakh in cash while the second prize winner will receive Tk 50,000.

Five consumers will share the fourth price worth Tk 25,000 each while 94 consumers will get the fifth price worth Tk 10,000 each.     

NBR has been organizing such lottery on invoices generated by EFD/SDC or EFDMS of a month on the fifth day of the following month.

In August 2018, the NBR introduced the use of EFD or Point of Sales (POS) software, scrapping the traditional electronic cash register machines (ECR), mandatory for shops and service providers from November 1 that year.

According to the plan, all EFDs and POS machines will be connected online with the EFDMS.

The revenue board decided to import 20 thousand EFDs along with electronic fiscal device management systems (EFDMS) to track online transactions and ensure VAT collection from the sectors.

The VAT Online Project is to implement the automated VAT system and increase the government revenue collection.

Tax officials said the machines would also gradually be installed at the eligible shops located at shopping malls across the country and the old part of capital Dhaka.