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Bangladesh to raise VAT on branded clothing

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Bangladesh's decision to hike valued-added tax on 43 goods and services will mostly target high-income people and will not lead to rise in prices of essential commodities, the country's finance adviser Salehuddin Ahmed recently assured.
The products include posh garment outlets, mattresses and tissue papers.
The decision was taken to bolster state revenues and not to meet IMF demands, he said.

The Bangladesh interim government’s decision to hike valued-added tax (VAT) on 43 goods and services will mostly target high-income people and will not lead to rise in prices of essential commodities, the country’s finance adviser Salehuddin Ahmed recently assured.

The products and services include posh garment outlets, powdered milk, biscuits, juice, mattresses, transformers, tissue papers, factory-manufactured pickles, mobile bills, internet bills as well as eateries offering services rated four-star and above, branded sweet stores, air fare and hotel rents.

The government has approved the hikes to bolster state revenues and not to meet the demands of the International Monetary Fund (IMF), he said.

Bangladesh's decision to hike valued-added tax on 43 goods and services will mostly target high-income people and will not lead to rise in prices of essential commodities, the country's finance adviser Salehuddin Ahmed recently assured. The products include posh garment outlets, mattresses and tissue papers. The decision was taken to bolster state revenues and not to meet IMF demands, he said.

The VAT for branded apparel outlets would rise from 7 per cent to 15 per cent.

In December, IMF demanded an overall VAT hike to 15 per cent in the country to release the fourth tranche of a $4.7 billion package.

SBS Zipper News Desk (DS)

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