New VAT law to have some changes, says Muhith

10 May,2017


Dhaka, BdChronicle:

In the wake of widespread protests by the business community, Finance Minister AMA Muhith on Wednesday said there will be some changes in the new VAT law.

"I’m thinking about giving some relief… some amendments may come (in next budget) …I’m’ still considering a change," he told reporters in response to a query at a programme in the city.

Muhith was inaugurating a mobile VAT Online Helpdesk at the National Board of Revenue (NBR) office.

The government is planning to implement the new VAT law -- ‘VAT and Supplementary Duty Act 2012’ -- from the next fiscal year.

Experts have expressed concern that the uniform 15 percent VAT will increase the already high cost of living in the country.

On April 30 last, business leaders had a heated debate with Finance Minister Muhith during a meeting between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and NBR over the implementation of a new VAT law, with the businesspeople threatening to take to the streets.

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