Staff Reporter :
Traders and shop owners on Monday demanded continuation of package Value Added Tax (VAT) provision and implementation of the recommendations to VAT law as proposed by the business leaders.
They ventilated the demand from countrywide human chain programme including in Dhaka, keeping their outlets shut from 12:00pm to 1:00pm.
The programme was organised by Baboshayi Oikya Forum, a body of small and medium scale traders.
Baboshayi Oikya Forum President Abdus Salam suggested increasing the existing VAT rate but said that 15 percent VAT is too high and thus not possible for them to pay.
Forum General Secretary Abdul Mutaleb said all businessmen including 166 chambers of the country are protesting against the uniform VAT rate. “We will not accept withdrawal of present VAT package system,” he added.
The new VAT and Supplementary Duty Act 2012 are expected to be fully effective from July next fiscal. It will replace the existing VAT Act 1991.
The new law, framed at the prescription of the International Monetary Fund will end the package VAT system.
Traders and shop owners on Monday demanded continuation of package Value Added Tax (VAT) provision and implementation of the recommendations to VAT law as proposed by the business leaders.
They ventilated the demand from countrywide human chain programme including in Dhaka, keeping their outlets shut from 12:00pm to 1:00pm.
The programme was organised by Baboshayi Oikya Forum, a body of small and medium scale traders.
Baboshayi Oikya Forum President Abdus Salam suggested increasing the existing VAT rate but said that 15 percent VAT is too high and thus not possible for them to pay.
Forum General Secretary Abdul Mutaleb said all businessmen including 166 chambers of the country are protesting against the uniform VAT rate. “We will not accept withdrawal of present VAT package system,” he added.
The new VAT and Supplementary Duty Act 2012 are expected to be fully effective from July next fiscal. It will replace the existing VAT Act 1991.
The new law, framed at the prescription of the International Monetary Fund will end the package VAT system.
