Dhaka: Finance Minister AMA Muhith today reiterated his firm stance on implementing the new VAT and Supplementary Duty Act-2012 from July 1.

‘VAT law is mostly enforced and it will be implemented completely from July 2017,’ he said after a meeting with Deputy Managing Director of International Monetary Fund (IMF) Mitsuhiro Furusawa at the Finance Ministry, reports BSS.

During the meeting, Muhith said, IMF lauded Bangladesh as the country is moving forward to become a developed one. IMF also suggested the country to be careful in implementing the new VAT law, he added.

About the demand of the business community, the finance minister said, the government has already taken various steps, including increasing the limit of exemption, to make the law business-friendly.

National Board of Revenue (NBR) has already held a discussion with the business community in this regard and they have signed minutiae, he said. ‘I will take necessary steps after getting the minutiae this week,’ he added.

Among others, IMF executive director Subir V Gokarn was present in the meeting.