Proposed uniform 15pc VAT may implement next year: Inu

Staff Correspondent | Published: 13:50, Jun 22,2017 | Updated: 15:29, Jun 22,2017

 
 

Information minister Hasanul Haq Inu on Thursday said proposed uniform 15 per cent value added tax on all goods and services might implement next year.

‘There are some illusions in the proposed uniform 15 per cent VAT law. It may take one year to remove those illusions. The law may be implemented next year,’Enu said while taking part in general discussion on the proposed budget in the parliament.

Ruling and opposition MPs have been lambasting the finance minister for his proposal to implement the uniform VAT rate since placing the budget in the parliament on June 1.

Though the Value Added Tax and Supplementary Duty Act, 2012 was enacted with a uniform 15 per cent VAT on all goods and services, the government could not implement some of the major features of the law due to protests from businesses and lack of consensus on the proposed VAT rate.

Businessmen are demanding fixing the uniform rate of VAT at 12 per cent.

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