- Bangladesh government to raise VAT to 15% on 43 goods and services including airfares, cigarettes, medicine, detergents, and soaps
- National Board of Revenue (NBR) announces plans to expand income tax coverage and reduce exemptions
- NBR aims to increase revenue from sectors other than daily necessities to avoid budget deficit
- No ordinance issued yet regarding the VAT increase
- Traders with annual sales over Tk50 lakh will now face 15% VAT
- VAT increase does not affect daily necessities, thus no expected impact on inflation
- Last four months saw customs duty, VAT, and income tax exemptions on eight essential products to stabilize market prices
- Exempted products include rice, potatoes, onions, sugar, eggs, dates, edible oil, and pesticides
- NBR focuses on increasing domestic revenue, implementing SDGs, and enhancing VAT scope to support national self-reliance
Source: thedailymorningglory.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.
