5% VAT on locally-made mobile phones, fridges
The government has proposed imposing a 5% VAT on locally-manufactured mobile phones and refrigerators from the next fiscal year.
Government has decided to levy VAT on those industries to make them more competitive in the market.
Earlier, the National Board of Revenue (NBR) proposed imposing a 5% VAT on locally-manufactured mobile phones and refrigerators from next fiscal year, according to sources at the finance ministry.
Keep updated, follow The Business Standard's Google news channel
Finance Minister AHM Mustafa Kamal has placed the Tk6,78,064 crore national budget for FY23 at Jatiya Sangsad according top priority to safeguarding marginal people from inflation fuelled by the Russia-Ukraine conflict.
This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.
The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.
