The apex trade body of the country, FBCCI, has demanded impact assessment study before implementation of the new Value Added Tax (VAT) and Supplementary Duty law 2012.
“As the government has scheduled to execute the new VAT law after two years, the government should conduct an impact assessment study by an independent agency before implementing the law with amendment,” said the Federation of Bangladesh Chambers of Commerce and Industry President Md Shafiul Islam Mohiuddin.
The FBCCI boss was addressing a press conference on the budget for Fiscal Year 2017-18 held at its auditorium on Saturday.
Shafiul said the decision to suspend new VAT law would help boost domestic investment and industrialisation and generate employment as well.
“The new move by the government will not hamper revenue collection, rather it will mobilise the country’s business and commercial sectors.”
He also demanded that harassment by the revenue board be stopped in the name of implementing VAT law.
“We are not against the law, but the harassment by NBR officials must be stopped. We want to pay VAT, tax, but there should be no harassment. NBR has to be more capable in this regard,” said the FBCCI President.
Shafiul in a written speech thanked the government for suspending the new VAT law for the next two years and also for the reduced excise duty structure on bank deposits.
He called for reduction of the source tax to .50% from 1% on the export of clothing products, leather and frozen fish and food.