Finance Minister Abul Maal Abdul Muhith has said that due to the suspension of new Value Added Tax (VAT) Act for two years.
The budget of 2017-18 fiscal year passed in the parliament will be a deficit of Tk 20 billion.He told reporters after a meeting of the Cabinet Committee on Public Procurement on Wednesday.The Finance Minister said that due to non-implementation of the new VAT law, there will be a deficit of 20 thousand crore due to revenue earnings. It will be hard to fill up. What to do about this is still not correct. But the options will be set soon.Muhith said, "I do not know what to do in order to reduce the deficit due to withdrawing VAT law''. Talking to the law ministry about the matter, it will be decided very soon. When the decision is made, then let everyone know.In response to another question regarding the implementation of VAT online system, he said that this is part of VAT system reform. The functionality of the VAT online system will continue. It is effective under the law, which is in force under this law.
