VAT to remain 15pc: Finance Minister

MNA Business Desk: Finance minister Abul Maal Abdul Muhith on Saturday expressed his determination to keep the new Value Added Tax (VAT) at the 15 per cent.

“I’ll not reduce the VAT from 15 per cent, because it has remained so from the beginning. However, many will be taken out of the VAT net,” said the finance minister while talking to reporters at his secretariat office on the upcoming national budget.

He said, “I would reduce the VAT slightly, but it would create many problems if I did so.”

Earlier, Centre for Policy Dialogue (CPD) has asked the authorities to reduce the Value Added Tax (VAT) to 12 per cent in the new VAT law.

It also said if necessary, the VAT can be reduced in phases, otherwise the law will put pressure on both producers and consumers.

CPD made this observation at the ‘Third Reading’ of its economic analysis of the current fiscal.

CPD’s economic analysis, disclosed at a press conference on Saturday, also said the authorities should fix the VAT and maximum retail price of the electricity, without increasing any prices.

The press conference was held at Brac Centre Inn in the capital, ahead of the placement of the new national budget on 2 June in parliament.

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