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New VAT law to be effective from July 1: Muhith

5 || risingbd.com

Published: 13:54, 27 February 2017   Update: 15:18, 26 July 2020
New VAT law to be effective from July 1: Muhith

Finance Minister Abul Maal Abdul Muhith

Special Correspondent: Finance Minister Abul Maal Abdul Muhith reiterated his firm stance on implementing the new VAT and Supplementary Duty Act from July 1.

The finance minister told reporters after a meeting with a four-member delegation of International Monetary Fund (IMF) at the Finance Ministry on Monday. IMF Deputy Managing Director Mitsuhiro Furusawa led the delegation.

Muhith said, "VAT law is mostly enforced and it will be implemented completely from July 2017."

Speaking at the meeting, the finance minister said IMF praised Bangladesh as the country is moving forward to become a developed one.

IMF also suggested the country to be careful in implementing the new VAT law, he added.

About the demand of the business community, Muhith said, the government has already taken various steps, including increasing the limit of exemption, to make the law business-friendly.

Muhith said a committee of National Board of Revenue (NBR) was currently working with businessmen regarding execution of the new VAT.

"I will take necessary steps after getting the details this week," he added.

The new law, under the controversial Value Added Tax and Supplementary Duty Act 2012, has drawn widespread criticism as it will impose a flat 15% VAT for all sectors and emphasise proper account keeping of transactions at every stage of supply of goods and services by both manufacturers and service providers.

risingbd/DHAKA/Feb 27, 2017/Hasnath/Amirul

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