People now better-off, should spend more for VAT: Muhith

Dhaka,  Fri,  26 May 2017
Published : 11 May 2017, 17:58:43 | Updated : 11 May 2017, 18:02:46
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People now better-off, should spend more for VAT: Muhith

People now better-off, should spend more for VAT: Muhith
FE Online Report
Acknowledging that on implementation of the new Value Added Tax (VAT) law, consumers will come under pressure, finance minister AMA Muhith, however, said that the people should spend some more for paying the tax.

“People of the country are now much better off and they should be able to spend some more (for paying VAT),” he said while speaking at a pre-budget meeting with editors and senior journalists of newspapers and electronic media on Thursday morning at his office in the capital.

He was replying to a question on whether the new uniform VAT rate would affect the consumers negatively.

Mr Muhith was of the view that Bangladesh’s economy was growing at a faster rate and people were spending more.

“Over the last one decade, the country’s economic growth is 6.5 per cent,” he added. “How many countries of the world have maintained such a consistent growth?” he questioned.

In reply to another question, the finance minister said that the uniform VAT rate might come down below 15 per cent but there would be no truncated rate.

He also expressed his firmness to make the new VAT law effective from July 1, 2017.

 
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