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8 June, 2018 00:00 00 AM
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VAT slabs reduced to five

Special Correspondent
VAT slabs 
reduced 
to five

The finance minister has proposed to bring down the categories of value added tax (VAT) rates to five from the existing nine to mop up the targeted revenue by increasing the tax-GDP ratio. Finance minister Abul Maal Abdul Muhith proposed this while presenting the Tk. 4,64,573 crore national budget for the 2018-19 fiscal year before Parliament yesterday. In his budget speech, the finance minister said: “Currently, nine truncated VAT rates are applicable. We're bringing down this to five rates this year—2 per cent, 4.5 per cent, 5 per cent, 7 per cent and 10 per cent.”

“I'm placing the following proposals relating to VAT in order to collect the desired revenue by increasing the tax-GDP ratio while protecting the legitimate interest of our businesspersons and consumers,” he added.

The finance minister said that VAT is the single largest source of government tax revenue collected by the National Board of Revenue (NBR). The highest revenue collection target was also set to be realised from VAT in FY2018-19 fiscal year, the minister said.

In his budget speech, Muhith said the online tax payment system would also be introduced from the next fiscal year. “Online tax return facilities shall be made available to all taxpayers after proper refinement of the system. In addition, the traditional manual system of filing returns shall also be continued for those without access to online facilities,” he added.

“In order to facilitate online return submission, necessary changes have already been made in the Value Added Tax Rule 1991. The online return submission process will be piloted in the Large Taxpayers Unit (VAT),” he said.

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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