VAT law to take effect from budget day | 2019-05-03

VAT law to take effect from budget day

BSS

3rd May, 2019 01:51:25 printer

VAT law to take effect from budget day

National Board of Revenue (NBR) Chairman Md Mosharraf Hussain Bhuiyan on Thursday said the new VAT law would be effective from the day of the budget announcement.

“The budget becomes effective from the day of budget announcement. Implementation of some of the decisions becomes effective from the day of budget announcement. It will be applicable to the new VAT law,” he said.

The NBR chairman said this while addressing a pre-budget meeting with the Economic Reporters Forum (ERF) at the NBR building in the city’s Segunbagicha area.

NBR members Firoz Shah Alam and Kanan Kumar Roy, ERF President Saif Islam Dilal and General Secretary SM Rashidul Islam were present among others.

Mentioning that the highest VAT rate in the new law would remain 15 percent, Mosharraf said the finance minister has already fixed the new VAT rates after discussing with the businessmen, while the businessmen have also accepted the rates.

Urging the companies to be enlisted in the capital market to enjoy the corporate tax facilities, he said the corporate tax rate for the listed companies is 25 percent, while the rate is 35 percent for the non-listed companies.

Mosharraf said that if the companies think that their rates are high, then they could enlist in the capital market for enjoying less corporate tax rate.


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