CPD RMG Study Stitching a better future for Bangladesh
Every day, CPD RMG Study reveals what’s on our economic and apparel radar and curates a selection of the best reports, opinion, and analysis you may have missed.
FBCCI to press for multiple VAT rates
The Federation of Bangladesh Chambers of Commerce and Industry said that they would press for multiple rates of value-added tax based on value addition in different sectors instead of the 15 per cent set in the new VAT law for all goods and services. FBCCI also said that they would also demand for setting VAT at 0.5 per cent for retailers and shopkeepers in the new law.
Govt to take tough action against price manipulation during Ramadan
Commerce minister Tofail Ahmed on Sunday said that stern action would be taken against any manipulation in essential commodity market during the holy month of Ramadan.
‘We’ve sufficient of essential commodities in stock and price is under acceptable level, but if any attempt of artificial crisis is initiated stern action would be taken,’ he said.
Govt moves to cut rice import duty amid crop losses in haor areas
Government might cut rice import duty amid crop losses in hoar areas. The food directorate has recently sent a proposal to the food ministry recommending that the National Board of Revenue should cut duty on rice import considering production loss of 6 lakh tonnes of boro rice in the flash flood in haor areas. The directorate recommended for cutting down the import duty to 10 per cent from existing 28 per cent, said officials. Food ministry officials said the proposal has already been sent to the commerce ministry and it would go to the NBR through the ministry.
New VAT law to be revised to protect local industries
Finance Minister AMA Muhith on Sunday said the government will consider revision of the new VAT law in order to protect and develop local industries. The minister made the statement at the 36th consultative meeting jointly organised by the NBR and the Federation of Bangladesh Chambers of Commerce and Industry at Bangabandhu International Conference Centre in Dhaka.
Earlier, Muhith took a firm stand to implement 15% uniform VAT from July 1. At the consultative meeting, business stakeholders put forward various demands to be included in the upcoming budget.
Corporate tax may see cuts
Businesses are likely to see cuts in corporate tax rate in the upcoming fiscal year, Finance Minister AMA Muhith said. “My proposal will be to rationalise the rate,” he said at a consultative meeting of the National Board of Revenue at the Bangabandhu International Conference Centre in Dhaka.
