VAT

Shops and markets remain shut demanding change in VAT rules

MNA National Desk: Baboshayee Oikko Forum has been observing strike and closure of operations as shops and markets remain shut from Wednesday morning demanding the reduction in Value Added Tax (VAT) and change in VAT rules. Most of the shops and business organizations are closed from this morning.

VATAll the markets and shops have remained closed as we have found visit capital’s Elephant Road Market, Stadium Market and Markets at Old Dhaka. Product and market based business forum has displayed banner in front of their shops at Old Dhaka supporting the protest. They are even doing miking in the area and bringing out small rallies protesting the induced VAT.

Leaders of Businessman Forum informed that, they are checking at different places if the shops and business offices are closed. The businessmen are observing this closure of operations in unity. This activity is being held throughout the capital and it will last till this evening.

Babshayi Oikyo Forum declared this activity in front of the FBCCI building on last Sunday. The leaders of the forum informed that, they had discussions with several business unities and forums throughout Tuesday. They will take larger actions if their demands are not met –  as they informed.

Small and medium sized businessmen are protesting the new VAT rules demanding inclusion of package VAT system, reduction of VAT, lifting of transaction limit etc. While declaring this year’s budget, the Finance Minister Abul Maal Abdul Muhith delayed the implementation of new VAT rules for one year but raised the minimum package VAT amount from Tk.14,000 to Tk.28,000 at Dhaka. Besides, he fixed the transaction limit to Tk. 80 lacs. Small and medium sized businessmen have been protesting these decisions from then.

Apparently, these decisions will have improper impact on the business as well as will definitely affect the consumers. With the growth of the economy, as it is said, the common people of the country are getting more pressurized than before rather than getting relieved. It does not prove the effectiveness of the government to raise its income pressurizing the people rather it should be from higher production and export of country’s good. But that simple understanding is what these businessmen are fighting for closing their operations.

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