Genex Infosys to supply electronic fiscal devices

Genex Infosys Limited said its board has approved an agreement with the National Board of Revenue to distribute electronic fiscal devices (EFDs) and sales data controllers (SDCs) among retailers and wholesalers. 

It will also monitor the operation of the devices and controllers to ensure the collection of value-added tax and supplementary duty, it said in a filing on the Dhaka Stock Exchange (DSE) yesterday.

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The areas that would be covered under the agreement are the customs excise and VAT commissionerates of Dhaka (North), Dhaka (West), Dhaka (South), Dhaka (East), and Chattogram.

Genex Infosys will supply and install three lakh EFD/SDC machines within the next five years

Under the deal, the IT company will also develop a software solution for interfacing with EFD/SDC machines and integrating with enterprise resource planning/point-of-sale solutions existing in the market.

Genex Infosys will supply and install three lakh EFD/SDC machines within the next five years.

The tenure of the agreement is 10 years and it is expected to generate a gross revenue of Tk 212 crore per year for the company upon full rollout, said the filing.

Shares of Genex Infosys surged 9.95 per cent to Tk 96.10 on the DSE yesterday.