e_Paper, Tuesday, June 20, 2017

24
TUESDAY, JUNE 20, 2017
DT
LIGHTNING STRIKES
KILL 15 IN A DAY › 8
Back Page
MAVERICK PAKISTAN TEAR UP
THE FORM BOOK AGAIN › 18
SHABANA AND MOUSHUMI
MEET WITH THE PM › 23
PM asks Muhith to postpone
enforcing new VAT law
• Asif Showkat Kallol
ECONOMY
Prime Minister Sheikh Hasina
asked Finance Minister AMA Muhith
to postpone implementing the
controversial new value-added tax
law set to be effective from July 1,
Finance Ministry officials said.
The directive came at a meeting
in parliament office yesterday, also
attended by National Board of Revenue
Chairman Nojibur Rahman
and Finance Division officials.
An official who was present at
the meeting said the prime minister
did not want the new law, which introduces
15% flat VAT rate, to create
any extra pressure on people as the
government headed for national
election in just one and half years.
She asked the officials concerned
to further review the implementation
plan of the VAT and
Supplementary Duty Act 2012.
Sheikh Hasina also wanted to
know about the outcome of the
negotiations that continued for the
last four years with the country’s
business community on the new
VAT law.
“Find out if there was any negligence
from the officials that led to
the failure in negotiations with the
business community and left the
problem still unresolved,” she was
quoted as saying by an official.
The government came up with
the postponement plan of the new
VAT law because of the possible
negative impacts on people’s life
and the ruling party’s standing
ahead of the next parliament polls.
Besides, the government also
considered strong oppositions from
MAHMUD HOSSAIN OPU
the country’s business community
to the execution of the new law.
Meanwhile, the prime minister
already directed the NBR to make
a plan how to increase VAT collection
by Tk17,000 crore as per
the budget target in the upcoming
fiscal year without the help of the
new law.
Before Sheikh Hasina
went on an official tour
to Sweden, she had asked
the finance minister to
settle the VAT rate crisis.
Besides, the cabinet
meeting on June 11
reached a consensus on
the imperative of postponing
the implementation of the
VAT law from July 1. But the meeting,
chaired by the prime minister,
did not set any new date for enforcement
of the law.
The VAT Act 2012 is going to
introduce a uniform 15% VAT rate
which many believe will raise the
cost of living. •
Planning minister:
Import duty on rice
to be dropped
• Bilkis Irani
ECONOMY
The government is considering
withdrawal of the import duty on
rice aiming to mitigate the prevailing
crisis in the country.
Planning Minister AHM Mustafa
Kamal made the comment in a
press briefing at his office in Dhaka
yesterday.
Mustafa Kamal said: “It is true
that the price of rice has gone up.
But there is a lot of rice in the market.
Rice mills also have enough
stock. So, the prices will drop once
the import duty is reduced.”
He said the import duty was imposed
to help local farmers get fair
prices.
“But, we are now thinking of
withdrawing the import duty considering
overall situation,” he added.
The development came despite
a recent government decision to
import of 250,000 tonnes of white
and parboiled rice from Vietnam.
Cabinet Committee on Public
Purchase approved a proposal to import
200,000 tonnes of white rice at
$430 per tonne and 50,000 tonnes
of parboiled rice at $470 per tonne.
Replying to a separate query,
he said the slow progress of the
mega projects including the Padma
Bridge is a result of foreign workers
and employees leaving the country
after the July 1 Gulshan attack.
“The funds of the pending projects
were not disbursed as the foreigners
fled from Bangladesh. But,
now they have started returning.
So, the fund disbursement will increase,
leading to quick completion
of the projects,” he said.
Regarding the next budget, he
said the people are in fear of the
new VAT law and the imposition of
excise duty.
“But, there is nothing to worry
about in this regard,” he said,
claiming the private investment is
on an upward trend.
Government and private investment
have not seen even 1% fall in
the last eight years, he said.
Planning Secretary Ziaul Islam,
member of the Department of
General Economics Shamsul
Alam, Secretary of statistics
and information management
department KM Mozammel Haque
and Planning Commission member
AN Sammuddin Azad Chowdhury
attended the press meet among
others. •
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