The government will pass a new law on value-added tax soon after reviewing the tax laws of the developed countries, the chairman of the National Board of Revenue said yesterday.
Nasiruddin Ahmed spoke in a meeting with the leaders of Chittagong Chamber of Commerce and Industry (CCCI) in the port city where Mahbubul Alam, senior vice president of the chamber, was in the chair.
Ahmed said the NBR started drafting a new VAT law after AMA Muhith, finance minister, announced steps in his budget speech to reform the VAT law.
Barrister Jahangir Hossain, commissioner of Large Taxpayers’ Unit for VAT in Dhaka, focused on different clauses of the draft law at the meeting.
The present VAT law is not well organised, said Hossain, adding that the country will get pace with the implementation of the new law.
Earlier, the NBR chief also met with the leaders of Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) at its conference room in Chittagong.
Ahsan Mansur, executive director of Policy Research Institute, said NBR exceeded its target for collecting taxes last fiscal year. “To continue this progress modernisation of the tax administrator is necessary.”
Khalilur Rahman, CMCCI president, was also present.