New VAT law to come into effect from July: Kamal


DHAKA, Jan 26, 2019 (BSS) – Finance Minister A H M Mustafa Kamal today said new VAT law would come into effect from next July but VAT rate would become different.

“VAT rate for different products would be fixed classifying those as very essential, essential, semi-essential and comfort,” he added.

The finance minister revealed it at a discussion meeting organized to mark the International Customs Day by the National Board of Revenue (NBR) at the capital’s Bangabandhu International Conference Center (BICC).

Kamal also announced that no product would be released from any port without cent percent scanning. “Law is equal for all and nobody would get any special consideration for duty structures.”

Describing the present government as pro-people, pro-business, pro-export and pro-investment, he said the government would generate 15 million new jobs in next five years.

Kamal urged the NBR officials to perform their duties with honesty, transparency, quality and patriotism.

Economic Affairs Adviser to the Prime Minister Dr Mashiur Rahman and Commerce Minister Tipu Munshi also spoke on the occasion as special guests. NBR Chairman Md Mosharraf Hossain Bhuiyan chaired the meeting.

Mashiur Rahman said in case of various products, there existed inconsistency between price and description. “Adjustment should be needed between price and description of products to ease the trade.”

Tipu Munshi said the government after taking office has started work in a new shape to ease doing business. NBR officials have huge responsibilities for the improvement of doing business, he added.

NBR Chairman said they would not allow false announcement and tax dodging in any way. “If we find anyone’s involvement with false announcement and dodging, stern action would be taken against him.”

FBCCI President Shafiul Islam Mahiuddin, IFC Country Director for Bangladesh Wendy Werner and NBR Member Khandaker Aminur Rahman, among others, also spoke on the occasion. NBR Commissioner for ICD, Kamalapur Anwar Hossain made a presentation.