New VAT law to remain unchanged: NBR chief

The National Board of Revenue (NBR) will not bring any changes to the new VAT act, which would be implemented from July this year, NBR Chairman Nojibur Rahman said yesterday.

NBR would consult with the Federation of Bangladesh Chambers of Commerce and Industry before implementing the new law, he said.

The new law fixes 15 percent as VAT, Rahman told a group of journalists after a luncheon meeting of the Foreign Investors' Chamber of Commerce and Industry (FICCI) at Sonargaon hotel in the capital.

The NBR will take preparation for three months to implement the new law, he said. The government is implementing the new law as the current one is too old to be efficient, he said.

Rahman said the NBR is calculating the tax receipts and it is hopeful of reaching the set target before the end of the current fiscal year.

He declined to comment on journalists' queries on a rumour of his resignation as NBR chairman.

FICCI President Rupali Chowdhury moderated and chaired the programme.