VATupdate

Share this post on

NBR Forecasts Tk 113 Billion Extra VAT Revenue in FY25 from Tobacco and Retail Businesses

  • NBR expects Tk 113 billion additional VAT in FY25
  • Big chunk to come from tobacco and at-source VAT on retail businesses
  • Revenue board estimates additional VAT without new exemptions for businesses
  • Tk 60 billion projected from tobacco sector due to cigarette price hike
  • Tk 18 billion estimated from cellphone users in VAT
  • Excise duty hike from bank depositors may collect Tk 10 billion in taxes
  • Beverage sector, ice-cream, brick businesses, air-condition, and refrigerator to contribute to tax revenue
  • Additional Tk 20 billion in VAT estimated from new fiscal measure on VAT deducted at source
  • Businesses with Tk 100-million annual turnover to deduct VAT on procurement of goods and services from July 2024
  • VAT collection target for FY25 set at Tk 1.77 trillion
  • Uniform VAT rate of 15% implemented in many products and businesses
  • Government aims to mobilize domestic revenue by cutting VAT exemptions
  • Recent report outlines VAT expenditure in Bangladesh

Source: today.thefinancialexpress.com.bd

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:

  • VAT news