Medical &Health

MCCI for transparent, conscious implementation of new VAT law

DHAKA, Jan 31, 2017 (BSS)- MCCI, country's one of leading trade bodies, is in favor of implementing the new Value Added Tax (VAT) and Supplementary Duty Act, 2012 transparently and consciously as there are concerns among the businesspeople about the new law to be effective from fiscal year 2017-18.

Metropolitan Chamber of Commerce and Industry (MCCI) President Barrister Nihad Kabir came up with such a call while speaking at the opening ceremony of a workshop on "New VAT Act/Rules: An Implementation Road Map" at its office here today.

National Board of Revenue (NBR) Md Nojibor Rahman and Executive Director of Policy Research Institute (PRI) Dr Ahsan H Munsur attended the programme.

"There is no doubt that the new VAT law will improve revenue performance of the NBR. However, in addition to a lot of positive attributes of the law, there are concerns from the business community on implementation of the Act," said Nihad Kabir.

About the implementation of the law, she said there are some challenges which include abolition of a wide area of tax exemption, withdrawal of the package VAT system, truncated-base system, tariff vale and imposition of uniform rate of VAT at 15 percent.

Nihad Kabir said the MCCI members want to see three things: (1) a clear, stable and predictable VAT policy on which to base their business and financial planning over the short, medium and long terms, (II) uniform interpretation of the law and (II) uniform application of the law to all taxpayers.

"Any challenges that arise in achieving this can and should be addressed through close cooperation between tax administrators and taxpayers," she added.

NBR chairman Md Nojibor Rahman assured the business community of implementation of the new law transparently and consciously.

NBR member Barrister Jahangir Hossain highlighted different sides of the new VAT law and said online VAT registration of big businesses will begin within March 15 this year and online payment of VAT will be effective by June.

Source: Bangladesh Sangbad Sangstha (BSS)