advised the NBR. “The committee will recommend whether the new law needs any induction or deduction,” Muhith said while giving instructions to the NBR chairman. The minister was addressing a seminar organised by the NBR on the VAT and Supplementary Act-2012 at the IDEB Seminar hall in the city’s Kakrail. Muhith came up with the idea of forming a committee before implementing the VAT act amid opposition from the businesses against the law. “In the last five years, 3 percent of our national income has been collected from VAT, the VAT law is not an old one—it is a good law for the businessmen. If the accounts are maintained properly, there will be no act as useful as the VAT Act for the businessmen” Muhith said. Muhith mentioned that a lot of discussions have taken place regarding the issue and still they are opposing the law. So, forming a committee and taking recommendations from them has become important before forming the law as a new one. The minister said the law will exist, but the recommendations of the business leaders will be accommodated considering the effectiveness. He also suggested convening an open discussion, which will be the first meeting of the new committee, so that the opinion of the traders can be taken on wider spectrum. NBR Chairman and Secretary of the Internal Resources Division (IRD) moderated the seminar where Commerce Minister Tofail Ahmed, Food Minister Advocate Qamrul Islam, Economic Affairs Adviser to Prime Minister Dr. Moshiur Rahman and FBCCI President Qazi Akram Uddin Ahmed were present. The FBCCI President opposed a number of clauses of the law, mentioning that those will make the emergence and survival of the businessmen, particularly that of the small traders, very hard. Qazi Akram demanded substantial reform of the VAT law, saying that “we don’t want a law that is not worth abiding’. The FBCCI president observed that the growth of VAT collection could be scaled up by at least 40 to 50 percent by forming a business friendly VAT Law. Finance Adviser Dr. Mashiur Rahman admitted that all the recommendations of the business community have not been fully reflected in the law. Addressing the seminar, Former FBCCI President Annisul Haque said if the businessmen contribute most to the country’s economic development, their recommendations must deserve to be included their in the VAT law for the greater interest of the country’s economy. He also alleged the act has totally disregarded the opinion of the businessmen. NBR Chairman Golam Hossain mentioned that despite being a new law, the VAT act, in fact, remains as an old one as because many old things could not be avoided. He also informed that as per the directives of the finance minister, a new committee will be formed immediately comprising the representatives of both the NBR and FBCCI. BGMEA President M Atiqul Islam, BPGMEA President Jashim Uddin, Member of NBR (VAT Law) and Project Director of VAT On-Line Project, Barrister Jahangir Hossain also spoke on the occasion.
Thursday, September 11, 2014
Muhith asks NBR to form body to review VAT law:Daily Sun
advised the NBR. “The committee will recommend whether the new law needs any induction or deduction,” Muhith said while giving instructions to the NBR chairman. The minister was addressing a seminar organised by the NBR on the VAT and Supplementary Act-2012 at the IDEB Seminar hall in the city’s Kakrail. Muhith came up with the idea of forming a committee before implementing the VAT act amid opposition from the businesses against the law. “In the last five years, 3 percent of our national income has been collected from VAT, the VAT law is not an old one—it is a good law for the businessmen. If the accounts are maintained properly, there will be no act as useful as the VAT Act for the businessmen” Muhith said. Muhith mentioned that a lot of discussions have taken place regarding the issue and still they are opposing the law. So, forming a committee and taking recommendations from them has become important before forming the law as a new one. The minister said the law will exist, but the recommendations of the business leaders will be accommodated considering the effectiveness. He also suggested convening an open discussion, which will be the first meeting of the new committee, so that the opinion of the traders can be taken on wider spectrum. NBR Chairman and Secretary of the Internal Resources Division (IRD) moderated the seminar where Commerce Minister Tofail Ahmed, Food Minister Advocate Qamrul Islam, Economic Affairs Adviser to Prime Minister Dr. Moshiur Rahman and FBCCI President Qazi Akram Uddin Ahmed were present. The FBCCI President opposed a number of clauses of the law, mentioning that those will make the emergence and survival of the businessmen, particularly that of the small traders, very hard. Qazi Akram demanded substantial reform of the VAT law, saying that “we don’t want a law that is not worth abiding’. The FBCCI president observed that the growth of VAT collection could be scaled up by at least 40 to 50 percent by forming a business friendly VAT Law. Finance Adviser Dr. Mashiur Rahman admitted that all the recommendations of the business community have not been fully reflected in the law. Addressing the seminar, Former FBCCI President Annisul Haque said if the businessmen contribute most to the country’s economic development, their recommendations must deserve to be included their in the VAT law for the greater interest of the country’s economy. He also alleged the act has totally disregarded the opinion of the businessmen. NBR Chairman Golam Hossain mentioned that despite being a new law, the VAT act, in fact, remains as an old one as because many old things could not be avoided. He also informed that as per the directives of the finance minister, a new committee will be formed immediately comprising the representatives of both the NBR and FBCCI. BGMEA President M Atiqul Islam, BPGMEA President Jashim Uddin, Member of NBR (VAT Law) and Project Director of VAT On-Line Project, Barrister Jahangir Hossain also spoke on the occasion.
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