Need VAT law to achieve budget target: WB

The World Bank today voiced for urgent implementation of the VAT law for Bangladesh to reach its revenue goal as targeted in the 2017-18 fiscal budget.

Zahid Hussain, the global lender’s lead economist in Bangladesh, voiced the opinion during World Bank’s review for the budget the finance minister proposed.

The proposed budget for 2017-18 has been widely criticised, mainly for the implementation of the VAT law and the excise duty on bank accounts.

Finance Minister AMA Muhith has come under fire of his party mates at parliament. Awami Leauge lawmakers think the budget will agitate people just two years ahead of parliamentary election.

However, World Bank’s lead economist Zahid Hussain has assured that the implementation of the VAT law will not push up inflation rates in the domestic market.

Also, the World Bank suggested withdrawing the import duty on rice to ease the tension and instability that has gripped the staple market in the country.