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Bangladesh Must See Through VAT Reform, IMF Says

by Mary Swire, Tax-News.com, Hong Kong

23 October 2015


The International Monetary Fund has said that Bangladesh needs to urgently implement fiscal reforms to boost revenues.

The Fund said that the country's already low tax-to-gross domestic product (GDP) ratio has declined steadily since fiscal year 2012-13.

The IMF urged the authorities to steadfastly implement the new value-added tax (VAT) for launch from July 2016.

The VAT regime will feature a single rate of 15 percent, with exemptions for basic goods and services for lower income taxpayers. The IMF said that the new VAT will simplify tax administration and lower taxpayers' compliance costs.

The IMF made the comments in a statement following the completion of its fifth and sixth reviews of Bangladesh's economic program under a three-year arrangement supported by the Extended Credit Facility (ECF). The completion of the reviews enables the immediate disbursement of about USD258.3m, bringing total disbursements under the arrangement to USD904.2m.

TAGS: compliance | tax | investment | small business | economics | business | value added tax (VAT) | fiscal policy | gross domestic product (GDP) | International Monetary Fund (IMF) | social security | Bangladesh | tax reform | services

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