- Bangladesh plans to increase VAT on branded clothing
- The VAT hike affects 43 goods and services targeting high-income individuals
- Essential commodity prices will remain unaffected
- Included in the VAT increase are luxury items and services like posh garment outlets and four-star eateries
- Other affected items include mattresses, tissue papers, powdered milk, biscuits, and more
- The VAT increase is intended to boost state revenues independently of IMF pressures
- The specific VAT rate for branded apparel outlets will jump from 7 percent to 15 percent
- The IMF had previously requested a general VAT increase to 15 percent to release further financial support
Source: fibre2fashion.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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