In his budget speech at parliament on Thursday, Finance Minister AMA Muhith announced that the revenue administration was fully prepared to implement the new VAT law from July 1. For the small businesses, the finance minister proposed a few changes based on some recommendations put forward by the business community. He also proposed to raise the threshold for registration under the VAT law to Tk1.5 crore from Tk80 lakh for large businesses. “We demanded that the government conduct an impact assessment study before implementing the new VAT law, but they did not pay any heed.”However, he appreciated Muhith’s proposal to withdraw VAT on e-commerce to help boost the growing industry. Meanwhile, some experts are hopeful that the new VAT law will not adversely affect people’s lives.

Source: Dhaka Tribune June 01, 2017 20:15 UTC