Literacy

VAT rate to remain at 15pc: Muhith

DHAKA, May 28, 2017 (BSS)- Finance Minister AMA Muhith yesterday said the uniform Value Added Tax (VAT) will remain unchanged at 15 percent on goods and services in line with the new VAT and Supplementary Duty Act-2012 to be effective from July 1.

"The VAT exempted annual turnover limit will be increased, but we will keep VAT rate at 15 percent," he told the journalists at his secretariat office here.

The new ceiling is likely to be fixed within a day or two, Muhith added.

He said the limit of maximum 3 percent VAT on up to Taka 8 million annual turnover will also be raised. "It means we are giving special exemptions to small businesses," he said.

Muhith said the budget will be announced on June 1 and it will be prioritized in various sectors, including human resources.

Source: Bangladesh Sangbad Sangstha (BSS)