Businessmen demand continuation of package VAT

Traders and shop owners yesterday demanded continuation of package Value Added Tax (VAT) provision and implementation of the recommendations to VAT law as proposed by the business leaders, reports BSS.
They ventilated the demand from country-wide human chain programme including in Dhaka, keeping their outlets shut from 12:00pm to 1:00pm.
The programme was organised by Baboshayi Oikya Forum, a body of small and medium scale traders.
Baboshayi Oikya Forum President Abdus Salam suggested increasing the existing VAT rate but said that 15 per cent VAT is too high and thus not possible for them to pay.
Forum General Secretary Abdul Mutaleb said all businessmen including 166 chambers of the country are protesting against the uniform VAT rate.
“We will not accept withdrawal of present VAT package system,” he added. The new VAT and Supplementary Duty Act 2012 are expected to be
fully effective from July
next fiscal. It will replace the existing VAT Act 1991.
The new law, framed at the prescription of the International Monetary Fund will end the package VAT system.

Businessmen demand continuation of package VAT

Traders and shop owners yesterday demanded continuation of package Value Added Tax (VAT) provision and implementation of the recommendations to VAT law as proposed by the business leaders, reports BSS. They ventilated the demand from country-wide human chain programme including in Dhaka, keeping their outlets shut from 12:00pm to 1:00pm. The programme was organised by Baboshayi Oikya Forum, a body of small and medium scale traders. Baboshayi Oikya Forum President Abdus Salam suggested increasing the existing VAT rate but said that 15 per cent VAT is too high and thus not possible for them to pay. Forum General Secretary Abdul Mutaleb said all businessmen including 166 chambers of the country are protesting against the uniform VAT rate. We will not accept withdrawal of present VAT package system, he added. The new VAT and Supplementary Duty Act 2012 are expected to be fully effective from July next fiscal. It will replace the existing VAT Act 1991. The new law, framed at the prescription of the International Monetary Fund will end the package VAT system.