Finance Minister AHM Mustafa Kamal on Saturday said tax rates will not increase further.
He added that the new VAT law will come into effect from next budget, and VAT rates would then change.
“VAT rates for different products will be fixed on the basis of whether the goods are very essential, essential, semi-essential, or for comfort," the finance minister said.
Mustafa Kamal made the remarks at a discussion to mark International Customs Day, organized by the National Board of Revenue (NBR) at Bangabandhu International Conference Centre in Dhaka.
The finance minister said no product would be released from any port of the country without being fully scanned. "Everybody is equal in the eyes of the law, and no one will get special consideration regarding duty structures.”
Describing the government as pro-people, pro-business, pro-export, and pro-investment, he said the administration plans to generate 15 million new jobs in the next five years.
Finance Minister Mustafa Kamal also urged NBR officials to perform their duties with honesty, transparency, quality, and patriotism.
Prime Minister’s Economic Affairs Adviser Dr Mashiur Rahman and Commerce Minister Tipu Munshi also addressed the discussion as special guests, while the event was chaired by NBR Chairman Md Mosharraf Hossain Bhuiyan.
Mentioning inconsistencies between the price and description of various products, Mashiur Rahman said the issues needed to be resolved for ease of trade.
Tipu Munshi said the government has already begun working to increase the ease of doing businesses in the country.
NBR Chairman Md Mosharraf Hossain Bhuiyan said the government will not tolerate false tax statements or tax evasion, and stern action will be taken against offenders.
