Cabinet endorses VAT Act amendment, exemption limit to rise to Tk 3 million

Cabinet endorses VAT Act amendment, exemption limit to rise to Tk 3 million

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The Cabinet has greenlighted the amendment to the Value Added Tax and Supplementary Duty Act, 2012, with a provision to raise the VAT exemption ceiling to Tk 3 million.The threshold is currently at Tk 2.4 million.The amendment proposal was approved at a regular meeting of the Cabinet, presided over by Prime Minister Sheikh Hasina on Monday.
The Act would now see two amendments, Cabinet Secretary Muhammad Musharraf Hossain Bhuiyan told reporters at the Secretariat after the meeting.“The VAT exemption limit has been raised to Tk 3 million from Tk 2.4 million.”“Also, VAT won’t be imposed on two types of commodities related to people’s basic needs. Mustard oil, sugar, sugarcane molasses and fertilisers are being considered for that.”The secretary added that export and import of several lifesaving drugs and first-aid boxes would be exempt from VAT in the amended Act.

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