Dhaka: Finance Minister Abul Maal Abdul Muhith on Wednesday introduced the Value Added Tax (amendment) and Supplementary Duty Bill, 2015 in the Jatiya Sangsad.

Placing the bill, the minister said the Value Added Tax (amendment) and Supplementary Duty Bill, 2015 is aimed at simplifying the existing law in order to increase collection of VAT through expanding its base and scope.

He said the bill has the provisions for simplifying the collection method and creating a taxpayer-friendly environment side by side with making the existing law time befitting one.  The government has decided to make the new law fully effective from 1 July , 2016 and with this in view all other activities, including automation of the VAT system, are continuing.  

Later, the bill was sent to the concerned parliamentary standing committee for scrutiny and report back to the House within one month.