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Govt to float roadmap to apply new VAT law

Rejaul Karim Byron
The government will prepare a plan and timetable by March to implement the new VAT law, in line with the conditions of the International Monetary Fund.
A finance ministry official said the government will also give the National Board of Revenue a new organisational structure to boost earnings.
An eight-member committee headed by NBR Chairman Md Ghulam Hussain was formed on Tuesday to prepare the VAT law implementation plan, an NBR official said.
Representatives from the tax administrator, the finance ministry, and the Federation of Bangladesh Chambers of Commerce and Industry were included in the committee.
The new VAT (value added tax) law got passage in parliament in November last year. However, the NBR official said the new law will be implemented in three years beginning from the next fiscal year.
In the new law, there will be a single VAT rate at 15 percent at each level of value addition, instead of different rates as are in the existing law.
Also there will be clear valuation rules and VAT will be imposed on the basis of the actual price, not the truncated base price, the NBR official said.
The new VAT law will be simple and tax-payer friendly, the official added. Also, there will be a provision for payment of VAT through cheques and credit cards.
As per the new law, if anybody evades VAT, he will have to pay an equal amount of fine but the earlier law provided for realising fine one and a half times of the amount.
The new law also increased the number of instalments to 12 from six for paying the outstandingVAT.
The budget for the current fiscal year waived payment ofVAT for small traders who have less than Tk 24 lakh in annual turnover. This provision has been included in the new VAT law.
The new VAT law laid highest emphasis on automation. The IMF has pledged to give technical assistance for the implementation of the automation plan. The tax administrator has already prepared a proposal to get the technical assistance from the global lender.
The NBR official said the tax administrator plans to start automating tax identification number linking it with the national identification number and business identification number. The NBR will complete the automation of the tax identification pro-