Different online based businesses are rapidly growing in the country. Government now intends to impose tax on such kind of business. In the budget session of the current fiscal year, Honorable Finance Minister Abul Maal Abdul Muhith has proposed to impose tax on virtual businesses.
Minister said- Utilizing internet or social media, different trades on products or services are remarkably grown up. Aiming to expand the extent of such products or services, a new term ‘Virtual Business’ has been created. As a result, it would be possible to include any online based product or service related business in this service. He also proposed to impose 5% VAT on Virtual Business services.
As per terms and conditions, e-Commerce sector belongs to this Virtual Business. So, due to the proposal of imposing tax in this sector, e-Commerce businessmen expressed their concern.