- Cabinet approved draft VAT law with major changes
- Package VAT, tariff value, and truncated system withdrawn
- Special tax exemption for small businesses with turnover below Tk 2.4 million
- New law effective from July 2015
- Draft law to be presented in parliament for 2012-13 budget session
- Replaces existing 1991 law
- Some rules on registration and returns effective from upcoming fiscal
- IMF required new VAT law for US$ 1.0 billion loan under ECF
- Draft law prepared by NBR following IMF instructions
- Flat 15 percent VAT rate proposed
- Small businesses exempted from VAT
- New law aims to be business and investment-friendly
- Existing law has inconsistencies to be addressed
- IT-friendly systems, registration, and return submission to be adopted
- VAT net extended to all service sectors
- Provision for confiscating properties and freezing accounts for tax evasion
- 33 rules amended to make law business-friendly
- Provision of arresting businessmen withdrawn
- Draft law finalized by a high-power committee
- NBR initially presented draft to cabinet on February 6 for approval
Source: today.thefinancialexpress.com.bd
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.
