The new rate of VAT is 15 percent. Finance Minister Abul Maal Abdul Muhith has announced the long-pending VAT law to be implemented from the new fiscal year.
Muhith is expecting revenue of Taka 91 thousand 176 crores through VAT collection at this rate, which is 36.8 percent of the revenue collection plan of Nilar's Tk 2 lakh 48 thousand 190 crores. The Finance Minister presented the proposal in the budget of Tk 4,266 crore in the National Parliament on Thursday.He said that VAT has been imposed on 15 percent rate since 1991, and consumers and traders have become accustomed to it. I propose to keep VAT rates at 15 percent.Muhith said that the Value Added Tax will be applied at one and the same rate and it will remain unchanged for next three years.
