Decision on VAT after discussion in JS: Muhith

Dhaka,  Sat,  22 July 2017
Published : 20 Jun 2017, 19:54:48
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Decision on VAT after discussion in JS: Muhith

Finance Minister AMA Muhith Tuesday said the decision regarding changes in the new value added tax (VAT) law implementation will be announced on June 28 after discussions in the parliament.

"Discussions on implementation of the new VAT law are underway in the national parliament. We will announce the decision on new VAT law implementation when the proposed budget will be passed," he told journalists at a function at the Finance Ministry in Dhaka. 

Bangladesh Infrastructure Finance Fund Limited (BIFFL) handed over a total of Tk 640 million dividend for 2015-16 financial year (FY16) in the function.

The finance minister said there is no scope to disclose anything regarding the budget when the budget session is going on in parliament.

Regarding the proposed excise duty on bank deposits, he said, the decision will be changed when the budget will be passed in the parliament.

In his budget speech on June 1, Finance Minister AMA Muhith proposed implementing the new VAT and Supplementary Duty Act, 2012 which is going to impose a uniform 15 per cent VAT rate.

Muhith also proposed imposition of Tk 800 excise duty instead of existing Tk 500 in cases where the balance, whether debit or credit, exceeds Tk 100,000 but does not exceed the limit of Tk 1 million.

Similarly, Tk 2,500 excise duty will be imposed instead of existing Tk 1,500 in cases where the balance exceeds Tk 1 million but does not exceed the limit of Tk 10 million; Tk 12,000 will be imposed instead of existing Tk 7,500 in cases where the balance exceeds Tk 10 million but does not exceed the limit of Tk 50 million and Tk 25,000 will be imposed instead of existing Tk 15,000 in cases where the balance exceeds Tk 50 million.

-BSS

 
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