Government Policy

Muhith reaffirms imposition of 15pc VAT from July 1

DHAKA, April 18, 2017 (BSS) - Finance Minister AMA Muhith yesterday reiterated his firm stance regarding imposition of 15 percent Value Added Tax (VAT) on goods and services in line with the new VAT and Supplementary Duty Act-2012 to be effective in the upcoming fiscal year from July 1.

"It (the new VAT law) is going to be effective from July 1 and the rate of VAT will be 15 percent," said the minister while talking to journalists after a meeting with ministers and business leaders on implementation of the new VAT law at his secretariat office here.

During the meeting, Industries Minister Amir Hossain Amu, Commerce Minister Tofail Ahmed, Senior Secretary of the Internal Resources Division and Chairman of the National Board of Revenue (NBR) Nojibur Rahman, former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Salman F Rahman and some other business leaders attended the meeting.

Terming the discussion as fruitful, Tofail Ahmed said they will meet again to find the ways for implementation of the new VAT law by protecting interest of the business community as well as the mass people.

"We will have to implement the VAT law. Again we will have to protect the interest of general people," he added. He said that the government will take a realistic decision regarding implementation of the new VAT law.

Source: Bangladesh Sangbad Sangstha (BSS)