Muhith now looks for alternative plan to arrange Tk 20,000 cr

Finance Minister AMA Muhith yesterday said he will come up with a plan to arrange Tk 20,000 crore to meet the revenue target, reports UNB.

“The amount (Tk 20,000 cr) was supposed to come as VAT following the imposition of uniform VAT. Now we’re thinking about it but we shouldn’t disclose it (the plan) right now,” he told reporters after a meeting of the Cabinet Purchase Committee.

Terming the task a ‘critical problem’, Muhith said it is not clear whether the new plan will require Parliament’s approval. “It depends on the advice of the Law Ministry.”

Taking into consideration the flat 15 per cent VAT rate, the government had set a revenue target of Tk 248,190 crore through the National Board of Revenue (NBR) in the new fiscal year of 2017-18.

But following the suspension of the VAT Law, Muhith said, there will be a shortage of Tk 20,000 crore in the collection target. Under the evolving situation, he admitted, the revenue target will not be achieved. The Finance Minister said he made a statement in Parliament the first part of which was correct but there was an error in the second part. “My first sentence was right, but my second sentence had an error. The Law Ministry will look into it,” he said.

Mentioning that he was in discussion with the Law Ministry, Muhith said, “I’ll place it in Parliament, if necessary. I’ll make a statement in the current parliament session.”

Replying to a query, the Finance Minister said he has no idea about any report that identified the involvement of local or foreign individuals with Bangladesh Bank’s money heist.

 

Muhith now looks for alternative plan to arrange Tk 20,000 cr

Finance Minister AMA Muhith yesterday said he will come up with a plan to arrange Tk 20,000 crore to meet the revenue target, reports UNB. The amount (Tk 20,000 cr) was supposed to come as VAT following the imposition of uniform VAT. Now were thinking about it but we shouldnt disclose it (the plan) right now, he told reporters after a meeting of the Cabinet Purchase Committee. Terming the task a critical problem, Muhith said it is not clear whether the new plan will require Parliaments approval. It depends on the advice of the Law Ministry. Taking into consideration the flat 15 per cent VAT rate, the government had set a revenue target of Tk 248,190 crore through the National Board of Revenue (NBR) in the new fiscal year of 2017-18. But following the suspension of the VAT Law, Muhith said, there will be a shortage of Tk 20,000 crore in the collection target. Under the evolving situation, he admitted, the revenue target will not be achieved. The Finance Minister said he made a statement in Parliament the first part of which was correct but there was an error in the second part. My first sentence was right, but my second sentence had an error. The Law Ministry will look into it, he said. Mentioning that he was in discussion with the Law Ministry, Muhith said, Ill place it in Parliament, if necessary. Ill make a statement in the current parliament session. Replying to a query, the Finance Minister said he has no idea about any report that identified the involvement of local or foreign individuals with Bangladesh Banks money heist.