Jute goods procurement providers to get VAT relief | 2016-06-02 | daily-sun.com

Jute goods procurement providers to get VAT relief

UNB     2nd June, 2016 07:11:56 printer

Jute goods procurement providers to get VAT relief

As part of the government’s incentive package provided to the jute sector, jute goods procurement providers will enjoy the VAT exemption in the next fiscal.

 

Presently, there is no VAT on jute goods at the production and retail stages, but if any dealer or trader supplies the same goods under any tender or quotation it falls under the procurement provider services and becomes subject to VAT at the rate of 5 percent to be deducted at source by the recipient of the supply.

 

“I’m proposing exempting this jute goods procurement provider from the payment of VAT,” Finance Minister AMA Muhith said in this budget speech in parliament on Thursday.


Top