Economic Reporter :
State minister for finance and planning MA Mannan said excise duty on bank accounts is not new as it was there since 1947 and the rate of this duty was adjusted upward at different times.
Addressing a discussion on Sunday, the state minister said account holders having deposits of Tk 20,000 are now paying Tk 500 as excise duty. In the budget for fiscal 2017-18, the government has proposed that the account holders who have deposits of Tk 100,000 will pay Tk 800 as excise duty, he said.
In this context, he said that according to Bangladesh Bank statistics, around 80 percent bank accounts have deposits below Tk 1.0 lakh.
The Daily Sun organized the discussion on new VAT rate and its impact on businesses and consumers with its editor Enamul Hoque Chowdhury in the chair. Consumers Association of Bangladesh (CAB) president Ghulam Rahman, Bangladesh Dokan Malik Samity president Helal Uddin, research director of CPD Khandaker Golam Moazzem, Bangladesh Super Market Owners Association president Neaz Rahim and Kamrul Islam of Dhaka Chamber of Commerce and Industry (DCCI), among others, took part in the discussion.
Deputy project director of VAT online of NBR Md Zakir Hossain presented the keynote paper.
About the new VAT law, Mannan said 80 percent products are exempt from Value Added Tax (VAT) so that the low income people are not affected. He said the average VAT rate is 16.5 percent in different countries in the world but there will be a 15 percent uniform VAT rate in Bangladesh from July 1. “The uniform VAT rate in Nepal and Bhutan is also 15 percent . . . if they can pay it then why not we?” he added.
“We’ll be able to enforce the new VAT law properly,” he said.
CAB president Ghulam Rahman said supplementary duty has been increased on some products and suggested maintaining the supplementary duty on soaps and toothpaste at the present rate as it affects the consumers.
He said if the new VAT law is not implemented properly, consumers will ultimately be affected.
Md Zakir Hossain in his keynote paper said proper implementation of new VAT law will help improve Bangladesh rank in the global doing business index.
State minister for finance and planning MA Mannan said excise duty on bank accounts is not new as it was there since 1947 and the rate of this duty was adjusted upward at different times.
Addressing a discussion on Sunday, the state minister said account holders having deposits of Tk 20,000 are now paying Tk 500 as excise duty. In the budget for fiscal 2017-18, the government has proposed that the account holders who have deposits of Tk 100,000 will pay Tk 800 as excise duty, he said.
In this context, he said that according to Bangladesh Bank statistics, around 80 percent bank accounts have deposits below Tk 1.0 lakh.
The Daily Sun organized the discussion on new VAT rate and its impact on businesses and consumers with its editor Enamul Hoque Chowdhury in the chair. Consumers Association of Bangladesh (CAB) president Ghulam Rahman, Bangladesh Dokan Malik Samity president Helal Uddin, research director of CPD Khandaker Golam Moazzem, Bangladesh Super Market Owners Association president Neaz Rahim and Kamrul Islam of Dhaka Chamber of Commerce and Industry (DCCI), among others, took part in the discussion.
Deputy project director of VAT online of NBR Md Zakir Hossain presented the keynote paper.
About the new VAT law, Mannan said 80 percent products are exempt from Value Added Tax (VAT) so that the low income people are not affected. He said the average VAT rate is 16.5 percent in different countries in the world but there will be a 15 percent uniform VAT rate in Bangladesh from July 1. “The uniform VAT rate in Nepal and Bhutan is also 15 percent . . . if they can pay it then why not we?” he added.
“We’ll be able to enforce the new VAT law properly,” he said.
CAB president Ghulam Rahman said supplementary duty has been increased on some products and suggested maintaining the supplementary duty on soaps and toothpaste at the present rate as it affects the consumers.
He said if the new VAT law is not implemented properly, consumers will ultimately be affected.
Md Zakir Hossain in his keynote paper said proper implementation of new VAT law will help improve Bangladesh rank in the global doing business index.
