, Jan. 14 -- National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan on Wednesday indicated that the government may reconsider the current VAT and turnover tax system for the country's jewellery businesses, stressing the need for fair taxation and better sectoral discipline.

"If VAT is properly applied on value addition with full input tax credit, the effective burden should not be excessive," he said at a Meet the Business programme with Bangladesh Jewellery Samity (BAJUS) organised by the NBR.

The NBR chairman also said that arbitrary rates discourage compliance and are difficult to enforce.

He invited the sector to propose a rational formula for VAT based on value addition assuring that the NBR is willing to amend laws accordi...