Bangladesh, July 17 -- Small businesses that were enjoying package VAT (value-added tax) system until June 30 are in confusion over the provision of the new VAT law on exemption ceiling.
As per the law that took effect from July 01, a business having an annual turnover below Tk 5.0 million is exempted from VAT payment.
Many small traders, especially the ones from the old part of Dhaka city, sought a specific guideline from the National Board of Revenue (NBR) to this end.
This issue might spawn a spat between small businesses and VAT officials, they expressed the fear.
Under the package VAT system, small businesses were paying a lump sum of VAT to the public exchequer.
The latest law has, for the first time, introduced an exemption ceil...