The general public in Bangladesh is struggling with their daily lives due to the increase in VAT and taxes. Despite working hard, many are unable to meet the needs of their families. Even after cutting down on expenses, many cannot cope with the rising costs.
Amidst the pressure of inflation, their struggle for survival has become even more difficult with the new VAT and tax hikes. The gap between income and expenditure is growing, and this decision has already been criticized from various sectors of society as being self-destructive.
From rice and lentils to fish and meat, the competition to raise prices has led to questions about how ordinary people can survive. Amid such a crisis, business owners, economists, and analysts are concerned that the government's new VAT and tax hikes on over a hundred products and services will further increase the cost of living.
They argue that the government's actions will lead to higher inflation in the country. With the gap between income and expenditure widening, this decision is being labeled as self-destructive. As the prices of everything from rice and lentils to fish and meat continue to rise, people's ability to survive is in question.
Amidst this crisis, business owners, economists, and analysts are predicting that the cost of living will rise once again due to the new VAT and tax hikes on over a hundred products and services. They believe this will exacerbate inflation and lead to a crisis in businesses and the overall economy. They also warn that the ongoing political instability will worsen the situation, making it more difficult for businesses and investments to thrive. Restaurant owners across the country have issued an ultimatum, demanding the withdrawal of VAT, and if not, they have threatened to keep their establishments closed indefinitely.
To meet the conditions for loans from the International Monetary Fund (IMF), the National Board of Revenue (NBR) issued an ordinance last Thursday to increase VAT and supplementary duties on 67 products and services, including internet services. This could lead to price hikes in these products and services.
This list includes items like medicine, LPG gas, cigarettes, detergent, mobile services, and broadband internet.
