NBR seeks opinion on VAT law

The National Board of Revenue (NBR) has sought opinions from businesses and other stakeholders on the VAT and Supplementary Duty Act 2012 and related rules in order to frame tax proposals for the next fiscal year.

The revenue collector requested business chambers of all districts and associations representing various sectors to send their views and proposals about the law within March 7.

In a separate letter, the NBR also asked its field offices of VAT and customs to provide opinion on the law.

Finance Minister AHM Mustafa Kamal in January said the law would come into effect from the next fiscal year.

The much-talked law, which envisages a uniform 15 percent VAT rate, was initially scheduled to be implemented in 2015 but it was delayed since, owing to inadequate preparation of the NBR and opposition from businesses. The last time the government deferred enforcement of the law was in June 2017 -- just a couple of days before it was scheduled to come into effect.

Earlier this month, an NBR panel, among others, proposed the continuation of multiple rates of VAT along with a 15 percent flat rate under the Act.

The NBR also sought opinion from the Federation of Bangladesh Chambers of Commerce and Industry on the proposed measures of the NBR panel.