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New VAT law may shoot up gas, electricity prices: CPD

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Economic Reporter :
Centre for Policy Dialogue (CPD) has expressed apprehension that gas and electricity prices may be hiked again if the new value-added tax (VAT) law comes into effect in 2017-18 fiscal year.
"If the new VAT law comes into force, 15percent VAT will be added to the electricity prices which will hike the price further. Besides, the gas price will also go beyond the reach of common people," CPD Executive Director Fahmida Khatun said at the budget dialogue in a hotel in the city on Saturday.
She also proposed the government to set the VAT rate at 12percent.
Planning Minister AHM Mustafa Kamal, State Minister for Finance and Planning MA Mannan, CPD distinguished fellow Dr Debapriya Bhattacharya, and CDP Chairman Rehman Sobhan were present among others.
Amid a wide range of criticism and opposition from business people, the Value Added Tax (VAT) Act 2012 will be effective from July 1 at a flat rate of 15percent for almost all products.

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