NBR to phase out truncated-base VAT within two years

FE Report | Published: August 26, 2017 13:10:09 | Updated: October 23, 2017 09:44:44


The tax authority is in a process to gradually phase out the truncated-base of Value Added Tax (VAT) within the next two years before implementation of the new VAT and Supplementary Duty (SD) act-2012 from July 1, 2017.

 

The process has been initiated following a recent instruction of Finance Minister AMA Muhith to the National Board of Revenue (NBR).

 

The truncated-base or multiple rates of VAT ranging from 1.5 per cent to 10 per cent is currently enjoyed by 19 sectors as a tax-benefit for sustaining in the competition and flourish.

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