Economic Reporter :
Commerce Minister Tofail Ahmed has hinted that the government may set a flat 12pc value-added tax (VAT) rate in the upcoming fiscal year.
“If the VAT rate is set at 12pc, the revenue generated from VAT will be reduced to Tk24,000 crore,” Tofail told reporters after a meeting at his office with Hajah Masurai Binti Haji Masri , high commissioner of Brunei Darussalam to Bangladesh, on Tuesday.
Earlier in the month, Finance Minister AMA Muhith also hinted at a cut in the VAT rate for businesses. At a discussion on May 2, Muhith said: “We will give you a more comfortable rate.”
Amid a wide range of criticism and opposition from representatives of the business sector, the VAT Act 2012 will be effective from July 1. The new law had proposed a uniform 15pc VAT for almost all products.
