- Bangladesh is increasing VAT on various goods and services due to IMF pressure
- The VAT rate on some items has doubled or tripled
- The tax hike includes essential items like medicines, milk, biscuits, and services like mobile calls and internet
- The National Board of Revenue made this decision mid-fiscal year as part of a loan agreement with the IMF
- Initial proposal was to increase VAT from 5 percent and 7.5 percent to 15 percent on 43 types of goods and services
- The proposal also includes increasing turnover tax and supplementary duties on items like liquor, fruit juice, and tobacco
- Excise duties on air tickets may also rise, with different rates for domestic and international flights
- These tax changes are part of efforts to maintain forex reserves and manage economic challenges
Source: bdnews24.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.
