Staff Reporter :
Service sector businessmen have urged the government to extend time for enforcement of the new Value Added Tax (VAT) law saying that implementation of the law from July 1 may create an unstable situation in the country.
Leaders of service sector said this while addressing a pre-budget discussion meeting with National Board of Revenue (NBR) with NBR Chairman Md Nojibur Rahman recently.
Owners of hotels, restaurants and guesthouses attended the meeting.
President of Outsourcing and Logistic Service Providers Association (OLSPA) and director of FBCCI Abu Naser said implementation of new VAT law could create a volatile situation in the country.
“The government should give more time to implement the law for its proper implementation,” he said.
“Our people are yet to be accustomed with the practice of the new law. So the government should take the issue into consideration for betterment of the country,” he added. President of Bangladesh Restaurant Owners Association Md Rezaul Karim Sarkar proposed reduction in the rate of VAT on small restaurants to 10 percent from 15 percent.
“The country is still largely lacking human resources with computer knowledge, so enforcement of the new law may through small and medium business houses to a critical situation,” Sarker said.
However, NBR chairman Nojibur Rahman asked the businesspeople not to worry about the new VAT law and said the law will be effective from July 1 and small businesses will benefit from implementation of this law.
He said the budget for the next fiscal year is being prepared in a different way and there is a plan to include opinion and recommendations of all stakeholders in the revenue budget.
