- Higher VAT imposed by the interim government on 65 items including medicine and food products
- Businesses express outrage due to lack of consultation before VAT increase
- Government aims to boost revenue through higher VAT and supplementary duties
- VAT rates on certain services and products like garments and restaurant meals may rise to 15%
- Restaurant industry particularly affected with VAT on air-conditioned venues increasing from 5% to 15%
- Clothing and sweets industries face potential price hikes due to increased VAT
- Business leaders criticize the move, suggesting expansion of VAT coverage instead of rate hikes
- Former industry president highlights that higher VAT rates discourage compliance and consumption
- Additional items like biscuits and air travel to see price increases from new tax rates
- New turnover taxes introduced for businesses with annual sales between Tk3 million and Tk5 million
- Economic expert comments on the pressure the VAT increase will add in a high-inflation environment, suggesting a focus on luxury items instead of essential goods for lower-middle-income groups
Source: daily-sun.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.
