The suspension of the uniform 15% VAT rate would bring down the revenue collection by Tk20,000 crore in the current fiscal year, said Prime Minister Sheikh Hasina on Thursday. “The postponement of the VAT law will result in the reduction of Tk20,000 crore of the targeted revenue as we have formulated our budget considering the new rate,” she said at parliament. While formulating the budget, the government calculated everything taking into consideration the new VAT law and the revenue that would come from the mobile companies, Hasina added. “Everyone is performing their duties sincerely.”Reiterating her government’s “zero tolerance” stance on militancy and terrorism, the prime minister said there would be no place for militancy in Bangladesh. Later, Prime Minister Sheikh Hasina, during her speech on the proposed budget, requested the finance minister to suspend the law for a few years.

Source: Dhaka Tribune July 13, 2017 19:30 UTC