VAT rate is 12 percent in the new law

This demand was made at a press conference on the proposed budget of the fiscal year 2017-18 in the National Press Club VIP Lounge on Wednesday.The company has proposed to increase the tax on bidi, cigarette, insurance and mobile companies to meet the shortfall in the 3 percent VAT.IBFB President Hafizur Rahman Khan read out the written statement at the press conference. Also present on the occasion were former Chairman of National Board of Revenue (NBR) Mohammad Abdul Majid, former chairman of Tariff Commission Mujibur Rahman also said.Hafizur Rahman Khan said at the program, 13.5 percent of the average VAT in South Asian countries - India, Pakistan, Nepal, Afghanistan and Sri Lanka - In the low-income countries of Asia, the average VAT rate is 11.8 percent. On the other hand, the average VAT rate of 190 countries is 13.8 percent.