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Muhith: New VAT effective from July 1

  • Published at 05:49 pm April 17th, 2017
  • Last updated at 06:51 pm April 17th, 2017
Muhith: New VAT effective from July 1
Finance minister AMA Muhith said a new value-added tax (VAT) rate will be introduced from July 1, despite any opposition. “First, the new VAT law will be effective from July 1, and second, the VAT rate will be 15%,” the finance minister told reporters on Monday. He made the remark following a meeting with top business leaders at the Finance Division auditorium of his Secretariat office. FBCCI First Vice President and former BGMEA president Shafiul Islam Mohiuddin said: “We have asked for the VAT rate to be reduced to 10% from the proposed 15%. “We are representatives of the 22.4 million businessmen who will be severely affected by the imposition of a 15% VAT,” he said.