• Tuesday , 22 Aug 2017
Published : 03 Jun 2017, 22:25:43 | Updated : 04 Jun 2017, 09:47:30AA-A+
Proposed National Budget

FBCCI's concern over VAT

Samakal Correspondent
As the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) proposed for slighter Value-added-Tax (VAT) but the business body expressed their concern when Finance Minister proposed that the uniform VAT would be 15 percent in the coming fiscal.

The authorities of FBCCI expressed its concern over the possibility of increasing inflation rate in the country over the proposed VAT.

Shafiul Islam Mohiuddin, president of the FBCCI, came up with the concern at a joint press conference in the capital, this afternoon.

Finance Minister AMA Muhith on Thursday proposed that the uniform VAT will be 15 percent in the fiscal year 2017-18.

He came up with the proposal while placing the country’s annual budget for 2017-18 financial year at the parliament on the day.

The new rate for value-added tax, which has been a matter of much controversy as businesses implored the government to lower, to take effect from July 1.

Muhith while placing the budget also said, “I think I will be able to satisfy the business community by increasing the existing turnover tax and VAT exemption threshold.”

Finance Minister AMA Muhith unveiled Bangladesh’s national budget worth about Tk 4,00,226 crore for the 2017-18 financial year.

In the proposed national budget, growth target has been set 7.4 percent while inflation has been projected as 5.5 percent.

The size of the budget is Tk 4,00,226 crore, the biggest budget yet, while the total expenditure will be Tk 2,87,991 crore. The budget will have a deficit of Tk 1,12, 275 crore, which is 5 percent of the GDP.

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