The existing rate of package VAT was raised at the time and it was announced that a 15 percent VAT would be levied from Jul 1. Though businesses demanded another deferral, the finance minister recently said the government would maintain its current schedule for the implementation of the tax. Though the FBCCI and the NBR has made efforts to educate traders on the new law, the ‘efforts have come to nothing’, said Abu Motaleb. The finance minister then interrupted Abu Motaleb, turning on his microphone and telling him that only 32,000 of the 800,000 registered businesses in the country pay VAT. Afterwards the finance minister, who was speaking as the chief guest, said “Abu Motaleb made very significant threats.

Source: bd News24 April 30, 2017 10:07 UTC