Value Added Tax and Supplementary Duty Bill passed

A bill, titled ‘Value Added Tax and Supplementary Duty (Amendment) Bill, 2015’, was passed in the Jatiya Sangsad (parliament) on Wednesday to increase the ceiling of any individual’s economic activity from Tk2.4 million (24 lakh) to Tk3 million (30 lakh) for enlistment in paying VAT. Finance Minister AMA Muhith piloted the bill in the House and it was passed by voice vote. According to the bill, if the turnover of any individual’s economic activity touches Tk3 million, he or she will be eligible to pay VAT for his economic activity. It was stated in the objective of the bill that the original law was passed by the JS on November 27, 2012, and the government has decided to implement the law fully from July 1 next year (2016). In this context, various programmes, including automation, are being carried out in the country. It also says if the amendment to the proposed bill is accepted, the law would be a more taxpayer-friendly one, according to a news agency.
- biplab