The government has backtracked from its decision to roll out the new VAT law from July due to resistance from businesses and a section of revenue officials and inadequate preparation from the National Board of Revenue.
To ensure deposition of VAT by traders outside district towns, the government has planned to make it mandatory for trading units outside the district towns to use Electronic Cash Register (ECR) and point of sale (POS) system.
In face of protests from businessmen, the government has decided not to implement a flat VAT rate for small traders and instead almost doubled the package VAT.
That the government needs to increase revenue is understandable, given that we are looking at wholesale promotions within the bureaucracy and a new revised wage board that has to be implemented for State officials. However, one has to take into account at what cost will revenue be increased. Going by what has been published in the press, everything from electricity to apparels will be more expensive – products and services will boast at least a 15 percent increase in selling price.
Consumers might be slapped with a uniform 15 percent value added tax from next fiscal year as Finance Minister AMA Muhith
Despite opposition from businesses, Finance Minister AMA Muhith says a uniform 15 percent VAT will be applicable from next fiscal year.
In a pre-budget discussion, mobile operators urges the government to remove value added tax (VAT) on internet use in the upcoming fiscal plan for 2016-17.
The Supreme Court stays a High Court order that halted the 7.5 percent value added tax (VAT) on the English medium schools’ tuition fees.
The government proposes to withdraw value added tax (VAT) on a number of products and services to encourage local industries grow further.
The government has backtracked from its decision to roll out the new VAT law from July due to resistance from businesses and a section of revenue officials and inadequate preparation from the National Board of Revenue.
To ensure deposition of VAT by traders outside district towns, the government has planned to make it mandatory for trading units outside the district towns to use Electronic Cash Register (ECR) and point of sale (POS) system.
In face of protests from businessmen, the government has decided not to implement a flat VAT rate for small traders and instead almost doubled the package VAT.
That the government needs to increase revenue is understandable, given that we are looking at wholesale promotions within the bureaucracy and a new revised wage board that has to be implemented for State officials. However, one has to take into account at what cost will revenue be increased. Going by what has been published in the press, everything from electricity to apparels will be more expensive – products and services will boast at least a 15 percent increase in selling price.
Consumers might be slapped with a uniform 15 percent value added tax from next fiscal year as Finance Minister AMA Muhith
Despite opposition from businesses, Finance Minister AMA Muhith says a uniform 15 percent VAT will be applicable from next fiscal year.
In a pre-budget discussion, mobile operators urges the government to remove value added tax (VAT) on internet use in the upcoming fiscal plan for 2016-17.
The Supreme Court stays a High Court order that halted the 7.5 percent value added tax (VAT) on the English medium schools’ tuition fees.
The government proposes to withdraw value added tax (VAT) on a number of products and services to encourage local industries grow further.
