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Bangladesh's FM Confirms New VAT Regime From July 1

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

03 May 2016


Bangladesh intends to proceed with introducing a uniform 15 percent rate of value-added tax (VAT) from July 1.

The change is to be effected alongside the implementation of Bangladesh's new value-added tax law, drawn up in 2012.

Speaking at a recent business forum, Bangladesh's Finance Minister, Abul Maal Abdul Muhith, told businesses that there would be no deferment of the VAT law's effective date and urged businesses to adapt their systems to the changes.

Exemptions will be in place for basic goods and services for lower income taxpayers.

As well as boosting revenues for Bangladesh, the new VAT regime is intended to make tax compliance significantly simpler, especially for smaller firms.

TAGS: compliance | Finance | VAT rates | tax | business | value added tax (VAT) | tax compliance | law | Bangladesh | services | VAT goods & services classification

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