DHAKA, May 22 -- The National Board of Revenue (NBR) has proposed a standard VAT rate of 15 percent for many goods and services in the upcoming fiscal year (FY) 2024-25 budget. While there is a proposal to apply this VAT rate uniformly across all products and services, the Prime Minister has advised a phased implementation. This would result in a 15 percent VAT rate from production to the consumer level, which could increase consumer prices.

Currently, the NBR collects VAT at rates of 2, 3, 5, 7.5, 10, and 15 percent on various products and services. Plans are in place to phase out VAT exemptions in some sectors, moving towards a uniform VAT rate, according to Ministry of Finance sources.

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