Chittagong Bureau :
President of the Chittagong Chamber of Commerce & Industry Mahbubul Alam hailed the Prime Minister Sheikh Hasina and the Finance Minister for suspending the VAT act for two more years.
The business leaders of the port city also congratulated the Prime Minister . They said VAT act was incomplete and needed more scrutiny as the small traders and businesses would have been affected if the law was in force immediately. They said that a kind of fear and misgiving gripped the small traders about VAT law. He pointed out that the CCCI had requested the government before the budget proposal for the fiscal 2017-18 not to enforce the VAT law arguing that it would badly affect the small and medium entrepreneurs.
He said the government finally deferred enforcement of the law. “This decision will definitely have a positive impact on the businesses, traders, entrepreneurs as well as the government,” he added.
He said the decision to revise the excise duty also deserved thanks from the business community and trade body leaders. Vice president of Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) A M Mahbub Chowdhury said they had proposed formulation of a VAT law in conformity with those in the international arena and that would be acceptable to all.
General secretary of Khatungonj Trade and Industries Association Syed Sagir Ahmed said the businesses have long been protesting against the VAT act and additional excise duty . He expressed the hope that the government would discuss the issue elaborately with the business people, before taking any final decision in future.
President of the Chittagong Chamber of Commerce & Industry Mahbubul Alam hailed the Prime Minister Sheikh Hasina and the Finance Minister for suspending the VAT act for two more years.
The business leaders of the port city also congratulated the Prime Minister . They said VAT act was incomplete and needed more scrutiny as the small traders and businesses would have been affected if the law was in force immediately. They said that a kind of fear and misgiving gripped the small traders about VAT law. He pointed out that the CCCI had requested the government before the budget proposal for the fiscal 2017-18 not to enforce the VAT law arguing that it would badly affect the small and medium entrepreneurs.
He said the government finally deferred enforcement of the law. “This decision will definitely have a positive impact on the businesses, traders, entrepreneurs as well as the government,” he added.
He said the decision to revise the excise duty also deserved thanks from the business community and trade body leaders. Vice president of Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) A M Mahbub Chowdhury said they had proposed formulation of a VAT law in conformity with those in the international arena and that would be acceptable to all.
General secretary of Khatungonj Trade and Industries Association Syed Sagir Ahmed said the businesses have long been protesting against the VAT act and additional excise duty . He expressed the hope that the government would discuss the issue elaborately with the business people, before taking any final decision in future.
