NBR to install EFD in jewellery shops for revenue collection

In an effort to increase revenue collection from the jewelry industry, the National Board of Revenue (NBR) has started the process of installing electronic fiscal devices (EFD) in every jewelry store nationwide.

In Dhaka, Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrakona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox’s Bazar, Bandarban, Khagrachhari, and Rangamati districts, the EFD would initially be put at every jewelry store.

In this context, the NBR sent out a letter yesterday.

On January 7, the heads of the Bangladesh Jewellers Association (BAJUS) met with the revenue collecting authorities at the NBR to discuss the EFD installment.

The Association leaders at the meeting raised various problems in the jewellery sector. Some of the problems were related to VAT, baggage rules, gold import, etc.

They informed that there are still many institutions in the jewellery sector which are yet to be registered under VAT.

According to the leaders, the government’s income collection would rise and this sector would continue to thrive if unregistered institutions were registered, EFD was established in all institutions, and other issues were resolved in a fair and acceptable way.

NBR authorities requested the Association’s cooperation in this matter, and the leaders promised to cooperate as much as possible.

Additionally, on January 23 at 3 p.m., a Zoom meeting aimed at raising awareness will be held with the stakeholders.

According to the official letter from the NBR, Genex Infosys PLC, Ltd. would install EFD following the meeting.

Therefore, a list of jewellery establishments located in various markets and areas under the jurisdiction of Dhaka (East/West/North/South/Chattogram) Commissionerate is required, the letter said.

A list of jewelry stores in the markets and neighborhoods of Dhaka, Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrakona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox’s Bazar, Bandarban, Khagrachhari, and Rangamati has been requested in this case from the association.

The NBR has also asked that the complete lists be provided in part if it is not feasible to do so all at once.

Although there are many eligible enterprises operating outside the system, there are currently just over 500,000 registered VAT payers.