Additional VAT is Better Than Under-the-Table Transactions: Finance Adviser
Finance Adviser Dr Salehuddin Ahmed emphasized that paying additional VAT is a better option than engaging in under-the-table transactions. He also highlighted that significant reforms are underway. "I recall once having to pay a 20,000 taka bribe to secure a telephone line. To combat such bribery, we are committed to ongoing reforms in tax policies and VAT management," he stated.
Dr Ahmed made these comments during a seminar titled "Reforms in Customs, Income Tax, and VAT Management to Address LDC Graduation," held at the NEC conference room in the city on Monday, January 27.
Explaining the purpose behind the increased VAT, the Economic Adviser said, "While additional VAT is being charged, it will bring broader benefits. Business owners will no longer have to make extra payments in various sectors. This will be limited to VAT, and this is the focus of our reform efforts. For instance, truck fares from Dhaka to Bogura have already decreased. We ask for your patience. The extra VAT is being used to fund the Matarbari port project and other development initiatives. We are not enriching ourselves with this VAT; it is being invested in the welfare of the people."
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