VATupdate

Share this post on

IMF Recommends 15% VAT on Companies with Tk 30 Million Turnover for Revenue Boost

  • IMF recommends imposing a flat 15% VAT on companies with annual turnover over Tk 30 million
  • IMF suggests lifting tax rebate facilities on garments, shoes, LPG, mobile phones, entertainment, and foods
  • IMF proposes imposing VAT on remittance
  • NBR officials express concerns about lifting all tax rebates at once
  • IMF recommends overhauling VAT, income, and customs departments
  • IMF sets condition on collecting additional tax and duties equal to 5% of GDP in next fiscal year
  • IMF approved a loan of USD 4.70 billion for Bangladesh
  • IMF suggests not renewing tax rebate for 27 IT services
  • IMF recommends lifting tax rebate facilities for 33 industries by June 2025
  • Additional tax of Tk 153 billion to be collected as per IMF conditions
  • NBR officials discuss measures to collect additional revenue
  • Ahsan H Mansur comments on flat VAT rate in VAT Act 1991 and 2012

Source: en.prothomalo.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

Sponsors:

VAT news

Advertisements: