“I think I will be able to satisfy the business community by increasing the existing turnover tax and VAT exemption threshold,” Muhith said in parliament on Thursday. He proposed raising the annual turnover threshold, exempting businesses with a turnover up to Tk 3.6 million. The finance minister also put forward a proposal to raise the registration threshold, allowing businesses with annual turnover up to Tk 15 million to pay 4 percent in VAT. The incorporation of structural changes proposed by the business community has been a ‘milestone’ in the tax’s implementation, Muhith said. The business community is ready to accept and welcome the new VAT, the finance minister added.

Source: bd News24 June 01, 2017 08:37 UTC