New VAT law to be implemented from next FY at any cost: JS body chair

Staff Correspondent

Chairman of the parliamentary standing committee on finance Md Abdur Razzak on Wednesday said that the government would implement the new value-added tax law from next year at any cost even though the businesses were creating resistance to it.
The government has been struggling to implement the new VAT and Supplementary Duty Act since 2012 still facing resistance from the business community, he said at the opening ceremony of a training programme for business leaders.
VAT Online Project of the National Board of Revenue organised the programme at Institution of Diploma Engineers, Bangladesh in Dhaka.
Razzak said that businessmen might think that the implementation of the new law would be delayed further, but this time it would certainly be implemented.
He said that the revenue board would have to motivate the businesses on the issue within the current fiscal year for smooth implementation of the act from July, 2017.
The parliamentary standing committee on finance will extend all cooperation to enforce the new law and motivate the businesses in the regard, he said.
A three-day training programme was organised to train the leaders of the Federation of Bangladesh Chambers of Commerce and Industry on the new VAT law under the Training for Trainers programme of the NBR.
State minister for Finance MA Mannan suggested the NBR should simplify forms related to VAT and ease VAT refund system to make the VAT system business-friendly.
FBCCI president Abdul Matlub Ahmad said businessmen want to pay VAT without harassment.
The NBR will provide around 72,000 businessmen with trainings through such programmes to be held in 64 districts from next month.
NBR chairman Md Nojibur Rahman said such training programmes would be organised on new VAT law for all level of businesses including women entrepreneurs, small and medium entrepreneurs and cottage industries.
NBR member (VAT policy) Jahangir Hossain, VOP project director Rezaul Hassan, Bangladesh Economic Association general secretary Jamal Uddin Ahmed, among others, spoke at the programme.

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