VAT retained at 15pc

Economic Correspondent: Finance Minister AMA Muhith has proposed a uniform VAT of 15 percent, to take effect from July 1, in his budget next 2017-18 fiscal year.

The minister made the disclosure while reading out his budget proposals at the national parliament on Thursday.

He said, “I think I will be able to satisfy the business community by increasing the existing turnover tax and VAT exemption threshold.”

Muhith said VAT appears to be one of the best forms of tax from the very beginning.

“But, few businessmen do not want to keep accounts at different stages of production and service delivery under this VAT system. So I have to develop new ideas to make this VAT system acceptable."

The business community is ready to accept and welcome the new VAT, the finance minister added.

Muhith said he has made proposals to simplify the VAT law's procedure and rules to increase the number of return filers to 60,000 within the next two years.


risingbd/Dhaka/Jun 1, 2017/MA Rahman/Nasim