- NBR plans to increase VAT to 15% on 43 goods and services including airfares, cigarettes, medicine, detergents, and soaps
- This tax increase is a mid-year change, unusual for Bangladesh
- The National Board of Revenue is also working to expand income tax coverage
- Steps are being taken to reduce income tax exemptions
- The NBR warns that without increased revenue from sectors other than daily necessities, there could be a significant budget deficit
- Traders with annual sales over Tk50 lakh will now be subject to the 15% VAT
- The increased taxes do not affect daily necessities, so consumer goods prices and inflation should remain stable
- In the past four months, eight products including rice and sugar were exempted from various taxes to stabilize prices, which lowered revenue collection
- The NBR is focusing on increasing domestic revenue and implementing sustainable development goals while aiming for national self-reliance
Source: tbsnews.net
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.
