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Collect taxes, but don't make taxpayers suffer: Finance minister on EFD

Collect taxes, but don't make taxpayers suffer: Finance minister on EFD
Business

Finance Minister AHM Mustafa Kamal has directed the National Board of Revenue (NBR) to refrain from harassing taxpayers during tax collection.

"Collect the tax. But the tax payer should not suffer," he said on Tuesday (22 August) during the inauguration of a nationwide Electronic Fiscal Device (EFD) system to reduce VAT collection from retail level traders.

He said, this programme was launched in 2019 on a pilot basis, but so far, the programme has not gained momentum.

Explaining the reason for this, the finance minister said that even if it was delayed a little due to Covid-19 it is gaining speed now.

During the event, businessmen complained about harassment due to this new system.

Md Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade body of the country said, "Businessmen should not be harassed...Traders can only work properly if activities are carried out in a well-planned way under the EFD system."

When presenting the keynote speech NBR member Dr Moinul Khan said, "We want to create an ideal situation where there customers will go to stores that have EFD machines. Organisations that don't have EFD will want to come under it."

He said that three lakh EFD machines will be installed within the stipulated time.

Genex Infosys Limited, a private company, will install and monitor EFD machines in business establishments on behalf of NBR.

Shah Jalal Uddin, Acting Managing Director of the company, spoke on the occasion.

He said, "Through this [system], information regarding transactions will remain protected. There will be no scope for harassment."

NBR Chairman Abu Hena Md Rahmatul Muneem presided over the programme.

Twenty five types of businesses are required to collect VAT through this machine.

Although started about four years ago, only 8,000 businesses are keeping track of sales through this machine.