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Monday, 01 July 2019 12:34

Bangladesh removes domestic yarn from the VAT net

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The Bangladesh Textile Mills Association has thanked the government for imposing Tk4 tax on sale of per kg yarn instead of the proposed 5 per cent value added tax (VAT) in the fiscal year (FY) 2019-20. The association had previously urged the government to keep locally produced yarn out of the VAT net, keeping 0.25 per cent source tax and 5 per cent advance tax (AT) on machinery, spare parts and raw materials unchanged. Currently, yarn manufacturers pay Tk3 as VAT on per kg yarn sale.

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