Staff Reporter :
National Board of Revenue on Friday said that no value added tax (VAT) had been proposed on online shopping in the budget for FY 2018-19.
“The online shopping will be excluded from the purview of five percent that was proposed in the budget owing to printing mistake” Md Mosharraf Hossain Bhuiyan, Chairman of the NBR, said it at a post-budget press conference in the capital.
The NBR chairman said, the proposed VAT will be
applicable only for digital platforms like Facebook, Youtube and Google.
In 2015, Finance Minister AMA Muhith tried to impose a four percent VAT on e-commerce, but could not do due to stakeholders’ pressure.
The IT and e-commerce entrepreneurs and business leaders have pushed the government to keep it out of the purview of VAT until 2024.
According to the data, the online shopping sector is now worth about Tk 2,000 crore annually. It has about 40 percent growth per annum.
Finance Minister AMA Muhith, Planning Minister AHM Mustafa Kamal, Agriculture Minister Matia Chowdhury, Information Minister Hasanul Haque Inu, State Minister for Finance Abdul Mannan, Prime Minister’s Finance Adviser Dr. Moshiur Rahman, Towfiq-e-Elahi, Governor Fazle Kabir, Senior Secretary of Financial Institution Division of the Finance Ministry, Md. Yunusur Rahman, ERD Secretary Kazi Shafiqul Azam and secretaries and senior officials of the concerned ministries were present on the occasion at the city’s Osmany Memorial Auditorium.
National Board of Revenue on Friday said that no value added tax (VAT) had been proposed on online shopping in the budget for FY 2018-19.
“The online shopping will be excluded from the purview of five percent that was proposed in the budget owing to printing mistake” Md Mosharraf Hossain Bhuiyan, Chairman of the NBR, said it at a post-budget press conference in the capital.
The NBR chairman said, the proposed VAT will be
applicable only for digital platforms like Facebook, Youtube and Google.
In 2015, Finance Minister AMA Muhith tried to impose a four percent VAT on e-commerce, but could not do due to stakeholders’ pressure.
The IT and e-commerce entrepreneurs and business leaders have pushed the government to keep it out of the purview of VAT until 2024.
According to the data, the online shopping sector is now worth about Tk 2,000 crore annually. It has about 40 percent growth per annum.
Finance Minister AMA Muhith, Planning Minister AHM Mustafa Kamal, Agriculture Minister Matia Chowdhury, Information Minister Hasanul Haque Inu, State Minister for Finance Abdul Mannan, Prime Minister’s Finance Adviser Dr. Moshiur Rahman, Towfiq-e-Elahi, Governor Fazle Kabir, Senior Secretary of Financial Institution Division of the Finance Ministry, Md. Yunusur Rahman, ERD Secretary Kazi Shafiqul Azam and secretaries and senior officials of the concerned ministries were present on the occasion at the city’s Osmany Memorial Auditorium.
