Mix-up over VAT law application ended: Minister
Published : Tuesday, 14 May, 2019 at 8:54 PM Count : 523
Finance Minister AHM Mustafa Kamal on Tuesday said misunderstanding over the application of VAT law has ended.
"There was a little bit of misunderstanding with the business community over implementation of the VAT law, but now it's over," he said.
The Finance Minister made the remarks after a meeting with the National Revenue Board (NBR) and the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), said a handout, reports UNB.
The minister said the VAT rate for any product will not go up but decline in the upcoming national budget. However, the VAT net will expand, he added.
Mustafa Kamal said it is not possible to disclose right now all the information of the VAT law due to legal bar. "But, there's nothing in the law which will affect the business community. It'll be business-friendly one," he added.
The minister said there is no distance between NBR and business community.
He said the implementation of the VAT law is not a matter of one or two days as it is a continuous process.
If any limitation is seen even after the implementation of VAT law, it will be addressed bringing changes in the law for making it people- and business-friendly law, he said adding that the VAT law will be implemented from July next maintaining transparency.
NBR Chairman Mosharraf Hossain Bhuiyan said if there is any problem in implementation of the VAT law, there will be scope to amend or change it. "We expect cooperation from all the stakeholders to implement the VAT law within the stipulated time."
The NBR chairman said NBR and FBCCI will form a joint working group to amend the VAT law in the future.
At the meeting, FBCCI President Md Shafiul Islam Mohiuddin said they are always with the Finance Minister in development of the country.
FBCCI president-elect Sheikh Fazle Fahim and other business community leaders were present at the meeting.