Govt to enact new VAT law with multiple rates from July 1

:: Peoples Time Online ::

Finance Minister AHM Mustafa Kamal has reiterated that the new VAT law will come into effect from July 1, saying that there would be multiple VAT rates.

“In the new VAT law, there will be tolerable multiple rates instead of single rate. Apart from this, no VAT will be paid for the daily commodities. Under the law, the use of Electronic Fiscal Device (EFD) will be made mandatory to prevent VAT evasion,” he added.

Besides, Kamal said the use of EFD will create an opportunity for huge employment generation.

The finance minister came up the statement at meeting with International Monetary Fund (IMF) resident representative for Bangladesh Ragnar Gudmundsson at his Economic Relations Division (ERD) office in the city, reports BSS quoting a press release.

The minister said  the government wants to ensure 100 per cent employment within 2025.

“The government hopes that the poverty rate in the national level will come down to 16 per cent if we will generate employment as per the target,” he added.

The minister said the country’s debt to gross domestic product (GDP) ratio is one of the lowest in the globe, an indicative of economic stability.

“It (lowest debt to GDP ratio) shows the stability of the economy. Despite global recession, Bangladesh has been able to achieve over 7 percent growth in the last ten years of the government,” he said.

Kamal said Bangladesh will attract more investment soon as the government is laying special focus on infrastructure development.

He informed that the government is giving utmost importance to implement fast track projects within the stipulated time.

The minister said the government is taking necessary reforms initiatives to achieve the efficiency of collecting internal resources.

Peoples Time/HG

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