The business has taken stand against the 15% flat rate set in the new law. “IMF urged the government to be cautious with the implementation of the new VAT law set to be effective from July 1,” Finance Ministe AMA Muhith told journalists on Monday. A high profile IMF delegation included Deputy Managing Director of IMF Mitsuhiro Furusawa and Executive Director Subir V Gokarn. The new VAT law is one of the IMF conditions under the Extended Credit Facility programme. Last week, the Federation of Bangladesh Chambers of Commerce and Industry warned the NBR that implementation of the new VAT law would be hampered if the unsettled disputes related to VAT measures were not immediately solved.

Source: Dhaka Tribune February 27, 2017 17:50 UTC