Budget Recommendation for IT Sector: Urge for Tax Exemption in IT till 2024 and withdrawal of VAT in E-Commerce

BASIS has presented a budget recommendation for the development on IT and Software industry to the Hono?ble Finance Minister Mr. Abul Maal A. Muhith on Sunday, 12th April, 2015. This recommendation was presented by the presented by the President of BASIS, Mr. Shameem Ahsan, after a joint meeting between the Ministry of Finance, ICT Division and BASIS. The recommendation was comprised of suggestions such as exemption of Tax on IT and IT Enabled Services till 2024, withdrawal of VAT on any E-Commerce based product or service for the next 3 to 5 years to popularize the E-Commerce scenario of Bangladesh, impose import tax on customized software or products manufactured in foreign countries, reduction of VAT from 4.5% to 0% on IT enabled services, introducing locally produced VAT related software for VAT automation in the large companies of the country and reducing the 9% tax on house rentals for the IT offices.

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