Chartered accountants at a seminar in Dhaka have urged the National Board of Revenue (NBR) to reduce value added tax (VAT) rate from existing 15 percent to 10-12 percent.
"A lower rate of VAT in the mid-term will generate more revenue," MA Baree, past-president of the Institute of Chartered Accountants of Bangladesh (ICAB), said as he was presenting a keynote paper at the seminar on VAT on Thursday.
However, NBR officials said with the changed global economic scenario, tariff wall is reducing day by day. "For which, countries depend more and more on VAT and income tax for revenue collection," said Mohammad Alam, member (VAT) of NBR.
Responding to a query, Alam said the NBR is going to publish English versions of the VAT and income tax laws and rules soon.
"An expert committee has already submitted the draft of the publications to the NBR," he told the chartered accountants.
NBR Chairman Khairuzzaman Chowdhury and ICAB President ASM Nayeem also spoke at the function.
