ACC for electronic cash register at all business entities
Published : Tuesday, 14 November, 2017 at 7:53 PM Count : 112
Aiming to ensure proper collection of value added tax (VAT), the Anti-Corruption Commission (ACC) has recommended installing electronic cash registers (ECRs) at all business entities.
The Commission recently sent a letter to the Cabinet Division asking the government to take proper steps to ensure setting up of ECRs at business establishments to boost the revenue collection, ACC public relations officer Pranab Kumar Bhattacharya told news agency UNB on Tuesday.
The letter says VAT is one of the major sources of the government's revenue income and ECRs have already been installed in some business organisations.
But, majority of the business entities are yet to install ECRs and that is why VAT-related information about their sold products is not being stored. There are allegations that business bodies dodge VAT as they have no ECRs to count VAT on their sold products, the letter reads.
The Commission thinks it is urgent to install ECRs at all business entities to get VAT-related information immediately and bring transparency in the business sector.