The NBR and the FBCCI are at loggerheads over the new VAT law, reminiscent of past pushbacks from the business community that have delayed its implementation by four years already.
Centre for Policy Dialogue (CPD) says the inability to implement the new VAT and Supplementary Duty Act will have serious consequences in the current fiscal framework, particularly in the revenue mobilisation.
The business community yesterday thanked the government for deferring the implementation of the uniform 15
The government has shelved the uniform 15 percent VAT plan for two years in the wake of public outcry and reported pressure from businesses and lobby groups. This means the multiple rates of the indirect tax under the 1991 VAT law will continue until fiscal year 2018-19.
Government will not implement new VAT law, which envisages a uniform 15 percent VAT, for the next two years.
Unlike previous budgets, which were passed by parliaments with minor changes, this year's proposed budget could have major
On Monday, some ruling Awami League lawmakers raised a hue and cry in parliament.
Shop owners shut their enterprises for an hour in parts of the country including capital Dhaka pressing for keeping the provision of 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.
The NBR and the FBCCI are at loggerheads over the new VAT law, reminiscent of past pushbacks from the business community that have delayed its implementation by four years already.
Centre for Policy Dialogue (CPD) says the inability to implement the new VAT and Supplementary Duty Act will have serious consequences in the current fiscal framework, particularly in the revenue mobilisation.
The business community yesterday thanked the government for deferring the implementation of the uniform 15
The government has shelved the uniform 15 percent VAT plan for two years in the wake of public outcry and reported pressure from businesses and lobby groups. This means the multiple rates of the indirect tax under the 1991 VAT law will continue until fiscal year 2018-19.
Government will not implement new VAT law, which envisages a uniform 15 percent VAT, for the next two years.
Unlike previous budgets, which were passed by parliaments with minor changes, this year's proposed budget could have major
On Monday, some ruling Awami League lawmakers raised a hue and cry in parliament.
Shop owners shut their enterprises for an hour in parts of the country including capital Dhaka pressing for keeping the provision of 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.
