Abul Maal Abdul Muhith. — New Age file photo
Finance minister Abul Maal Abdul Muhith and businesspeople exchanged heated debates on implementation of the new VAT law at a budget consultative meeting on Sunday.
At the FBCCI-NBR budget consultative meeting held at Bangabandhu International Conference Centre, a business leader threatened to go movement and take the street if their demands regarding value-added tax are not met.
In response, Muhith countered that they would suppress the movement.
Immediately, a chaotic situation is created at the meeting over the statement of the finance minister and businessmen started to shout at Muhith saying that as a minister you cannot threat the businesses.
Later, the National Board of Revenue chairman and FBCCI top leaders calmed the situation.
Business Oikkya Forum general secretary Abdul Motaleb, also a director of the Federation of Bangladesh Chambers of Commerce and Industry, said that the government should implement the new VAT and Supplementary Duty Act from July 1 after fulfilling the demands including raising the limit of VAT free annual turnover, increasing the upper limit of turnover for small and medium enterprise for imposing turnover tax and introducing multiple VAT rates.
‘We are continuously discussing with the NBR on the issues but yet to get any results. There is still time. Implement the law considering the demands,’ he said.
Otherwise, businesses will go for movement and take the streets like students, he said.
At this stage, finance minister intervened and said that some 32,000 businesses pay VAT though there are around 4.20 lakh VAT registered business entities in the country.
Of 32,000, how many of SMEs pay VAT? he asked.
‘You are threatening of movement without any reason. If you go for movement, we will suppress it,’ he said.
Source: New Age
