The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) thanked Saturday the government for deferring enforcement of VAT and supplementary duty (SD) Act 2012 and introducing new slabs of reduced excise duty on bank deposits.
The parliament on June 29 last passed the Finance Bill for the fiscal year (FY) 2017-18, proposing extension of existing VAT Act 1991 for another two years and keeping multi-tier VAT rates instead of uniform 15 per cent VAT rate.  
"We (FBCCI) express our heartfelt thanks to the government for deferring implementation of new VAT law for next two years and reduced the excise duty on bank deposits," FBCCI president Md Shafiul Islam Mohiuddin said at a post-budget joint press briefing held at the conference room of the apex trade body's office.
"We are also grateful to the government for taking private sector's suggestions in the budget into consideration," he said.  
"The National Board of Revenue (NBR) will now get time to implement the new VAT law and the businesspeople will be able to know about it in details," he said.
He added: "We always welcome the positive sides of new VAT law. We hope new VAT law will be implemented in future after taking our suggestions into consideration."   
Mr Mohiuddin suggested the government carry out impact assessment by an independent body for implementing new VAT and SD Act-2012 as there are two years in hand for implementation of the law.     
The FBCCI also thanked the government for VAT exemption on spare parts of computer and cellular phones, reduced SD duty on spare parts of refrigerator, withdrawal of 10 per cent duty on solar panel import and VAT exemption on local manufacturing motorcycle industry.      
The president of the country's apex trade body called upon the NBR not to harass the businesspeople during tax collection by taxmen.
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Md Siddiqur Rahman, President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) AKM Salim Osman and representatives of different trade associations and chambers were present at the press conference.
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Source: The Financial Express