Dhaka, Bangladesh, Nov 7, 2022 - Genex Infosys. a business process outsourcing provider,  has landed the job of installing electronic fiscal devices and sales data controllers for the National Board of Revenue (NBR), which is expected to boost the provider's revenue for the next 10 years.

The company will also monitor the operation of the devices to be installed to ensure proper collection of value-added tax (VAT) at thousands of retail and wholesale stores in Dhaka and Chattogram.

"The 10-year agreement with NBR is expected to generate approximate gross revenue of Tk212 crore per year upon full rollout within the next five years," Md Jewel Rashed Sarker, chief financial officer (CFO) of Genex Infosys, told The Business Standard.

The tax authorities have taken the initiative to set up electronic fiscal devices (EFDs) and sales data controllers (SDCs) for the collection of VAT and supplementary duty from different types of business entities through the Electronic Fiscal Device Management System.

As a result, Genex Infosys has been tasked as the vendor to set up and operate EFDs, and SDCs through outsourcing, which will collect VAT and SD on behalf of the government.

According to a stock exchange disclosure, under this agreement, Genex Infosys will distribute EFDs and SDCs among eligible retailers and wholesalers and monitor the operation of the installed machines to ensure the collection of VAT and SD.

"Along with that, Genex Infosys will also develop a software solution, termed VAT API system for interfacing with EFD/SDC machines and integrating with ERP/POS solutions existing in the market," read the disclosure.

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Posted by Veronica Silva Cusi, news correspondent
Source: https://www.tbsnews.net

Date Posted: Tuesday, November 8, 2022