DCCI proposed 7 percent flat VAT from next FY

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flat VAT

MNA Business Desk: Dhaka Chamber of Commerce and Industry (DCCI) has proposed a 7% flat VAT rate from the next fiscal year though the government indicates not to bring any change in its plan.

“If the government reduces tax and VAT (value added tax) rates, investment will automatically increase,” said DCCI President Abul Kasem Khan.

“The IMF officials wished to know how we’ve planned to implement the new VAT. We told them that it’ll come into effect in July and be set at 15 percent for two years,” Finance Minister AMA Muhith said earlier.

While addressing a workshop on VAT and income tax on Saturday, Abul Kasem said the government should create more awareness among businesspeople to make the new VAT act familiar to all.