• Dhaka Wed, 26 JUNE 2024,
logo

Metro fare to increase from July 1

Rtv news

  06 Jun 2024, 22:41
File photo

There is currently a VAT (Value Added Tax) waiver on Metrorail tickets, which is valid till June 30. From July 1, 15% VAT will be levied on metro rail tickets.

Finance Minister Abul Hassan Mahmood Ali did not say anything about the extension of the VAT waiver period in the proposed budget for the fiscal year 2024-25. So Metrorail fares may increase by 15%. VAT is generally payable by the consumer.

Metrorail from Uttara to Agargaon was launched in December 2022. Metrorail is running from last year to Motijheel in full swing. At present, this urban transport system transports approximately two and a half lakh passengers every day.

From the beginning of 2023, NBR has taken the initiative to impose VAT on metro rail tickets. On January 22 of that year, Commissioner of Dhaka South VAT Commissionerate Showkat Ali wrote to Dhaka Mass Transit Company Limited (Metrorail Company) calling for the imposition of VAT.

Later NBR also held several meetings with Metrorail authorities. However, the NBR eventually backtracked on the imposition of VAT. In May 2023, the NBR had issued a notification stating that there would be VAT exemption on metro rail tickets till June 2024.

Finance Minister Abul Hassan Mahmood Ali presented the budget proposal for the financial year 2024-25 in the National Parliament on Thursday. The proposed budget will be discussed in the parliament. The proposed budget will be passed on June 30. It will come into effect from July 1 if no new decision is taken within this period.

According to the order of the VAT department, various developmental activities are being carried out in the country with the aim of becoming a developed country according to the Vision 2041. For that, the government has to constantly provide money, which is mainly collected through direct and indirect taxes.

Comments

  • Most Viewed News Of Bangladesh
Read More
Innovative Assessment Day: 'IUS' Department of English
Benazir issued his passport as a private employee
VAT likely to rise on 13 items – Ministry of Finance
Private sectors of Thailand to invest in Bangladesh: Foreign Minister