Reports on three Finance Ministry bills placed in JS

The Parliamentary Standing Committee on Finance Ministry on Tuesday placed separate reports on the Value Added Tax (Amendment) and Supplementary Duty Bill – 2015, Foreign Exchange Regulation (Amendment) Bill – 2015 and Financial Reporting Bill – 2015 before the Jatiya Sangsad under the Rule 211 of the Rules of Procedure.
Chairman of the Parliamentary Standing Committee on Finance Ministry M Abdur Razzak placed the reports, a BSS report said.
The report on Value Added Tax (Amendment) and Supplementary Duty Bill, 2015 was placed for simplifying the existing law in order to increase collection of VAT through expanding its base and scope.
Earlier, Finance Minister Abul Maal Abdul Muhith introduced the Value Added Tax and Supplementary Duty (Amendment) Bill, 2015 in the Jatiya Sangsad on July 8, 2015.
Later, the bill was sent to the concerned parliamentary standing committee for scrutiny and report back to the House within one month.
The bill has the provisions for simplifying the collection method and creating a taxpayer-friendly environment side by side with making the existing law time befitting one.
The government has decided to make the new law fully effective from July 1, 2016 and with this in view all other activities, including automation of the VAT system, are continuing.
The parliamentary standing committee also placed a report on the 'Foreign Exchange Regulation (Amendment) Bill, 2015 for streamlining the purchase and sale of foreign currencies and securities.
Placing the report in the House, committee chairman Dr Abdur Razzak recommended passage of the bill in an amended form.
On July 6, the finance minister placed the bill in the Jatiya Sangsad for updating the existing law on regulating the purchase and sale of foreign currencies and securities. While placing the bill, Muhith said in the wake of a huge expansion of foreign investment and international trade side by side with increasing the categories, volume and settlements of foreign transactions, it has become necessary to amend the existing law.
Otherwise, the finance minister said, Bangladesh will face difficulties in foreign investment and international trade. Therefore, he suggested for taking time-befitting measures in the concerned areas.
The committee also placed its report on Financial Reporting Bill – 2015 in the Jatiya Sangsad for ensuring transparency and accountability in the financial sector.
Earlier, the finance minister placed the Financial Reporting Bill – 2015 in the House on January 26, 2015.
On July 7, 2015, the finance minister proposed sending back the report to the committee again for further scrutiny of the bill.
According to the report, the bill has a provision of forming a financial reporting council through gazette notification after enactment of the proposed law. A council of 12 members will be formed under a chairman appointed by the government.
The council would also be formed with representative from various ministries, departments, institutes and bodies as per the proposed law.
-SS