Shop owners want 2yrs for VAT Act execution

Staff Correspondent | Published: 23:06, Jun 07,2017 | Updated: 00:50, Jun 08,2017

 
 

Bangladesh Dokan Malik Samiti, the apex body of shop owners, on Wednesday urged that the government should delay implementing VAT Act, 2012 by two years as majority of small and medium businesses lacked preparation and awareness.
They also said that hurried implementation of the act would create disorder and subsequent non-fulfillment of government’s revenue target for the fiscal 2017-18.
The association came up with the call at a press conference held at Dhaka Reporters Unity on implementation of VAT Act, 2012 that will come into effect from June 1 this year.
BDMS chairman Helal Uddin said that the government should implement the VAT act in 2019 instead of 2017 so that the small and medium businesses could grow expertise in calculating value added tax under the act by the time.
Although the officials of National Boar of Revenue claimed that the entity already trained two lakh small and medium businesses as part of its move to create awareness of the VAT Act, the majority of the 2.50 crore businesspeople remained unaware in this regard, Helal said.
The BDMS chairman claimed that a number of representatives from big corporate houses might have received the NBR training but a vast majority of small and medium businesses did not have the training.
Neither the NBR nor the businesses from the private sector were yet to take initiative to import required 2.50 lakh electronic cash registrar machines, he said.
‘I don’t understand how the VAT Act will be implemented without the ECR machines?’ Helal asked.
In this circumstance, he feared, implementation of the VAT Act would create disorder and the government would fail to achieve its revenue income target, Helal said.
BDMS secretary general Johirul Haque Bhuiyan, Dhaka Dokan Malik Samiti president Tawfique Ehsan and Alibaba Door managing director Mohammad Ali, among others, were present at the briefing. 

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