Loading...
The Financial Express

NBR picks legal expert for new VAT law

| Updated: February 16, 2019 15:03:47


Picture used for illustrative purpose only — Collected Picture used for illustrative purpose only — Collected

The National Board of Revenue (NBR) has appointed a temporary legal expert for drafting the new VAT and income tax law in Bangla.

A.K Mohammad Hossain, a legal analyst and drafter, will work as a consultant to expedite the process of implementing the new laws.

The NBR has issued a work order with some conditions to appoint him.

Officials said the consultant will have to agree on the conditions to work as an expert for drafting the new laws.

He will work until the Bangla versions of both laws are passed by Parliament.

According to the instruction from the Prime Minister, all the laws have to be drafted in Bangla to make those understandable to general people.

The board will pay Tk 1.3 million in four installments to the consultant.

In the order, the tax-collecting authority said the revenue officials and the consultant will resolve confusions, if any, or objections through mutual understanding in the process of drafting the laws.

The board has already started the process of replacing the existing tax laws with the new versions.

Three wings---income tax, VAT and customs-will get new and modern laws that would focus on digitisation.

The new VAT law is scheduled to come into force from July, 2019 with some amendments. It will replace the existing VAT law-1991.

The new customs law got the cabinet's approval last year.

It will be placed before Parliament in the upcoming session, officials said.

However, the implementation of the new income tax law may be delayed as the board is yet to finalise its draft.

[email protected]

Share if you like

Filter By Topic