(26.55) VAT on the Internet is decreasing
VAT on the Internet (Value Added Tax) is 15 percent. This rate is reduced to 10 percent. This decision was taken at a meeting held in the conference room of economic relations department at Agargaon in the city on Thursday (June 21st). Bangladesh Association of Software and Information Services (BASIS) President Syed Almas Kabir said.
The seven organizations on the Information Technology (AMTOB, BCS, BASIS, BCS, ISPAB, WORD and E-CAB) were discussing the budget related demands. The meeting was addressed by Postal, Telecommunication and Information Technology Minister Mustafa Jabbar, Finance Minister Abul Maal Abdul Muhith, Chairman of the National Board of Revenue (NBR). Mosharraf Hossain Bhuiyan, BASIS President Syed Almas Kabir and many more.
In the proposed budget of 2018-2019, there was no good news about VAT on the Internet. However, these seven organizations have been applying for the withdrawal of VAT on the Internet for the last 7-8 years. BASIS president told the Bangla Tribune that on Thursday, the Finance Minister has decided to withdraw 5 percent VAT on the internet.
Syed Almas Kabir said, "In the meeting, several demands were raised by BASIS. The compensation for these claims has not been seen in the budget proposals. After listening to the demands, all concerned including the finance minister responded positively to include revised proposals. As a result, there has been a possibility of getting multiple goodwill together in the IT sector.
Income from the Internet (Value Added Tax), tax and surcharges in the year of the government earns Tk 1,110 crore Seven organizations of the country's IT industries were jointly demanding tax and withdrawal of taxes. This demand was made even after a joint press conference on Wednesday (June 20th) at Hotel Sonargaon in the capital.