Desk Report: Some 13 types of businesses in city corporation area will have to install Electronic Fiscal Device (EFD) on their premises by November 01, 2018 to keep recorded data on financial transactions, reports Financial Express.
The National Board of Revenue (NBR) issued an order, dated August 09, 2018 in this regard, making it mandatory for the businesses to install EFD across the country.
However, businesses in district towns will have to install EFD by December 01, 2018.
According to the order issued by VAT policy member Md Rezaul Hassan, Electronic Fiscal Printer (EFP) and Point of Sales (POS) software will be also allowed for the businesses under almost similar technical specification including interconnectivity with the NBR.
Businesses using Electronic Cash Register (ECR) will have to replace it by procuring EFD as per technical specification of the latest order issued by the revenue board.
EFD must have interconnectivity with the Electronic Fiscal Device Management System (EFDMS) of the NBR through Application Programming Interface (API).
The device should be made in such a manner so that it could be activated or deactivated by the NBR through remote control. Proper use of EFD would be monitored and inspected by the NBR. It must have the programming capacity to exchange information on EFDMS of the NBR.
The operating system of the device should be ‘environment android’, windows or linux-based. EFDMS will issue its authorisation code and give permission to print receipt for EFD.
Businesses will not be able to print receipt without approved code of NBR.
Each of EFDs will have to be registered against a Business Identification Number (BIN). In case of use of more than one EFD at different counters, the devices have to be registered under the central BIN.
EFD must be connected through SIM along with wifi, fibre optic connectivity. EFD must ensure security of the data stored in fiscal memory and check tampering of the data.
The device should have the capacity to collect VAT in five different rates under the automated system. It must have test mode to work without interruption.
For POS users, all data should be kept on real time basis without changes and should be sent to EFDMS.