Disasters caused by chemicals stored in densely populated areas have shaken Bangladesh in the past one and a half decades
Commerce minister tries to allay business fears over new VAT law
Commerce Minister Tofail Ahmed has said the new and ‘realistic’ law on VAT will not damage businesses.
Published : 17 May 2016, 05:13 PM
Updated : 17 May 2016, 05:13 PM
The law taking effect from July this year has many worrying over the possibility of the tax being imposed at import, production, wholesale and retail stages.
Md Enayetullah, chief of a wholesale traders association in Moulvibazar, spoke of this fear while the minister was meeting businesspersons to ensure steady supply and prices of commodities during the month of Ramadan.
“Those of us who do business in Moulvibazar, we have no relations with the consumers who are supposed to pay VAT.”
“Businesses from Karwan Bazar, Thanthari Bazar and New Market buy products from us. We will be reduced to nothing if we have to pay tax. Karwan Bazar will then go directly to Khatunganj,” he said, demanding VAT only at retail level.
The matter was discussed with the ministers for commerce and finance and an official plea was made to Prime Minister Sheikh Hasina, said Abdul Matlub Ahmad, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
“Please don’t be afraid. The prime minister will not take a decision that will hurt businessmen,” Matlub told the meeting.
“The committee formed by the NBR (National Board of Revenue) and the FBCCI have sought seven amendments. We hope we will be presented with a new VAT law with the amendments.”
The commerce minister then said the government was ‘business-friendly’. “We will take realistic decisions.”
“We don’t want to take away the privileges you enjoy and replace them with something new. Our prime minister and the finance minister are very careful about this.”
“She, too, has come to a realisation, a realistic decision will be taken on VAT. I do not believe you should have anything to worry about.”
Continued Tofail: “The recommendations made by the committee headed by former NBR member Ali Ahmed are already under consideration.”
“The finance minister will reveal the actual decision in his budget speech.”
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