Economic Reporter :
International Monetary Fund urged Bangladesh government to be careful so the implementation of new value-added tax law is delayed further, said Finance Minister AMA Muhith.
The law was supposed to be effective from the fiscal year 2016-17, but it was later deferred to next fiscal year due to opposition from the business community. The business has taken stand against the 15% flat rate set in the new law.
The law is now set to come into effect from July 1.
“IMF urged the government to be cautious with the implementation of the new VAT law set to be effective from July 1,” Finance Ministe AMA Muhith told journalists on Monday.
He was talking to journalists after a meeting with the visiting IMF delegation at the ministry’s office.
A high profile IMF delegation included Deputy Managing Director of IMF Mitsuhiro Furusawa and Executive Director Subir V Gokarn.
The new VAT law is one of the IMF conditions under the Extended Credit Facility programme.
Muhith said a committee of the National Board of Revenue was currently working with businessmen regarding execution of the new VAT.
International Monetary Fund urged Bangladesh government to be careful so the implementation of new value-added tax law is delayed further, said Finance Minister AMA Muhith.
The law was supposed to be effective from the fiscal year 2016-17, but it was later deferred to next fiscal year due to opposition from the business community. The business has taken stand against the 15% flat rate set in the new law.
The law is now set to come into effect from July 1.
“IMF urged the government to be cautious with the implementation of the new VAT law set to be effective from July 1,” Finance Ministe AMA Muhith told journalists on Monday.
He was talking to journalists after a meeting with the visiting IMF delegation at the ministry’s office.
A high profile IMF delegation included Deputy Managing Director of IMF Mitsuhiro Furusawa and Executive Director Subir V Gokarn.
The new VAT law is one of the IMF conditions under the Extended Credit Facility programme.
Muhith said a committee of the National Board of Revenue was currently working with businessmen regarding execution of the new VAT.
