2021-12-06 15:58:53 BdST
Inclusive VAT system for retailers soon: NBR chief
The National Board of Revenue (NBR) will gradually bring all the retail businesses under an inclusive VAT-collection system, in order to resolve confusion of consumers, said its chief on Sunday.
Under the inclusive VAT collection system, businesses will have to mention prices of products including VAT, in contrast to the existing system where VAT is shown as an additional amount at the time of payment.
This is a good sign that some businesses have already implemented the inclusive VAT system, said NBR Chairman Abu Hena Md Rahmatul Muneem.
The NBR chief made the comments while speaking at a programme, marking the draw of lottery based on the printed invoices being issued from EFDMS (Electronic Fiscal Device Management System), on the NBR premises on Sunday.
In some cases, Mr Muneem said, consumers feel pressured or burdened with taxes when VAT in product prices is shown as an additional amount.
The NBR chairman, however, expressed his frustration seeing poor response in the EFDMS lottery.
Until November 30, 2021, some 3,478 EFDs have been installed in four VAT zones under Dhaka division.
According to the new VAT law-2019, the VAT collection will be inclusive with the price of product which was allowed in both inclusive and exclusive form in the old VAT law-1991.
A senior official of NBR said the EFDMS system would need some amendments aiming to fully implement the inclusive VAT chalan system.
Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.