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National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan on Saturday assured the business community that they would not face any harassment by the officials during the implementation of the new Value Added Tax (VAT) Act.
He made the assurance at a workshop on “VAT and Supplementary Duty Act 2012” organized by Dhaka Chamber of Commerce and Industry (DCCI) in capital’s CIRDAP Auditorium.
He stressed that the businessmen and people should be aware of the VAT Act, he added. Mentioning that, all the countries in the world have a single VAT rate, Mosharraf said, “We have made four slabs of VAT rate considering the position of businessmen, and VAT and income tax rates in Bangladesh are much lower than many countries in the world.”
He also revealed NBR has collected a total of Taka 2.30 lakh crore as revenue in the immediate past fiscal. Shahnaj Parveen, Member (VAT Implementation and IT), NBR also as special guest at the workshop chaired by DCCI President Osama Taseer.
More than 150 participants from different business houses took part in this workshop. Md. Zakir Hossain, Deputy Project Director, VAT online Project, NBR and Snehasish Barua, Tax Consultant of DCCI, made presentations on different aspects of new VAT and SD Act, reports BSS.
Shahnaj Parveen said new VAT Act has been formulated keeping in mind to reduce the cost of doing business. She urged the business community to know the details about the rules and procedures of new VAT Act and concerned SROs. DCCI President requested the NBR Chairman for AIT exemption on import of raw materials, VAT rebate system for all VAT payers and VAT exemption on life-saving medicines.
(NA)
