Scope, limit of VAT exemption enlarged
FE Report | Tuesday, 30 June 2015
The cabinet approved Monday the Value Added Tax and Supplementary Duty (Amendment) Act 2012 enlarging both the scope and threshold slab for payment of the tax.
One of some new provisions in the amended law raises the limit of annual turnover of companies to Tk 3.0 million from 2.4 million for VAT exemption.
The draft of the amended act provides VAT exemption for a number of goods including mustard oil, sugar, sugarcane molasses, fertilizer, lifesaving medicines like insulin and drugs for cancer and kidney diseases, kidney-dialysis solution, and first-aid box and kits.
In the law, there are some goods that enjoy exemption from the virtual all-encompassing net of value tax.
The approval was given at a regular meeting of the cabinet with Prime Minister Sheikh Hasina in the chair in the cabinet room of the Jatiya Sangsad.
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