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Bangla NBR may bring in system like package VAT in budget
14 Apr '19
1 min read
Bangladesh’s National Board of Revenue (NBR) may continue systems like package value added tax (VAT) for small traders in the next budget, according to NBR chairman Mohammad Mosharraf Hossain Bhuiyan. Although NBR tried to discontinue the package VAT system, now there will be a mechanism similar to that in the budget, he said at a pre-budget discussion.
Under the system, small traders in Dhaka and Chittagong city corporation areas pay Tk 28,000 annually as package VAT. The new Value-Added Tax and Supplementary Duty Act-2012, scheduled to come into force from July, scrapped the package VAT system.
Traders, particularly shopkeepers and small businesses, have been demanding reinstating the provision while NBR’s VAT wing is reluctant to continue with the system, according to Bangla media reports.
Mosharraf also said that NBR would bring upward adjustment in the VAT-free threshold in the budget and offer uniform fiscal facility like bonded warehouse to all export-oriented sectors to ensure equal treatment for others with the readymade garments sector. (DS)
Under the system, small traders in Dhaka and Chittagong city corporation areas pay Tk 28,000 annually as package VAT. The new Value-Added Tax and Supplementary Duty Act-2012, scheduled to come into force from July, scrapped the package VAT system.
Traders, particularly shopkeepers and small businesses, have been demanding reinstating the provision while NBR’s VAT wing is reluctant to continue with the system, according to Bangla media reports.
Mosharraf also said that NBR would bring upward adjustment in the VAT-free threshold in the budget and offer uniform fiscal facility like bonded warehouse to all export-oriented sectors to ensure equal treatment for others with the readymade garments sector. (DS)
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