New VAT to be fixed at a comfortable level: Muhith

Finance Minister AMA Muhith has said the new Value Added Tax (VAT) law would be amended to fix the rate of VAT at a comfortable level for businessmen from the next fiscal year.

"Some portion of the Value Added Tax and Supplementary Duty Act, 2012 will be amended. A comfortable rate of VAT will be fixed for businesspersons," said the finance minister while inaugurating the `Help Desk` of the VAT online project at the National Board of Revenue (NBR) today.

He said a detailed focus would be made on the VAT law in the upcoming budget.

The NBR has already completed all preparations to enforce the Value Added Tax and Supplementary Duty Act, 2012 from July 1, but a section of traders is opposing the imposition of 15 per cent flat VATS, claiming that it would push up the costs of goods and services.

Source: BSS