The government has decided to install 32,000 electronic cash register (ECR) machines at sales centres and shops, said Finance Minister AMA Muhith yesterday.
He said 50,000 ECR machines have been imported. Of them, 32,000 machines will be installed in the first phase as the same number of business has registered for VAT online. The rest will be installed later, he told reporters after a meeting with the officials of the National Board of Revenue at his office at the secretariat.
Muhith said the government may introduce multiple rates of value added tax after the installation of the ECR machines.
“It will be tough to evade VAT after the installation of the ECR machines,” he said.
He said the government would provide incentives to the businesses that would install the ECR machines as the setting up of the device entails a cost. Regarding the postponement of the VAT law, Muhith said nobody in the world wants to pay tax and the tendency is severe in Bangladesh.
“So, the VAT law could not be introduced in the stipulated time.”