NBR signs deal with Genex Infosys to install 300,000 devices at retailers to track sales, VAT

The National Board of Revenue has signed a contract with Genex Infosys to install 300,000 sales trackers at retailers in the Chattogram and Dhaka areas over the next five years.

Shahjalal Uddin, managing director and CEO of Genex Infosys, had previously said they would install 60,000 electronic fiscal devices annually for five years in Dhaka and Chattogram.

“[These devices] are supposed to capture the sales data and send [it] to NBR’s central server,” said Moinul Khan, director general of the VAT Intelligence, Investigation and Audit Directorate. “They will provide the machines free of cost and take care of their maintenance.”

The NBR launched the Electronic Fiscal Device Management System, or EFDMS, on Aug 22 in an attempt to enhance transparency and speed up the collection of taxes.

Once installed, the devices will allow for direct oversight of VAT payments and collections.

The wide implementation of the project will motivate both customers and retailers, Dr Khan said.

“In exchange [for allowing their installation, retailers] will receive a commission on the basis of earned VAT through the devices.”

Bangladesh introduced EFDs primarily at some places in Dhaka and Chattogram in 2020, but the progress of the work was very slow.

The NBR later outsourced the job through a tender to Genex Infosys, which will supply, install and maintain the EFDs under a deal.