She has also urged the people to pay taxes regularly to offset the budget deficit and for further development. Last month, Finance Minister AMA Muhith had rolled out a Tk 4.26 trillion budget for fiscal 2017-18 with an initial plan for a 15 percent uniform VAT rate under the new law. While it had a revenue target of Tk 2.88 trillion, the minister initially aimed to earn over Tk 910 billion from value-added tax or VAT. The government had also estimated Tk 200 billion in additional income under the new VAT law. But the proposal had triggered widespread criticisms that later prompted Hasina to suspend the law for two more years, keeping the existing multiple rates of VAT.

Source: bd News24 July 13, 2017 21:33 UTC