Mango bar, fruit juice to see a price hike
The government wants to raise VAT on the two items to 15% from existing 5%
The government wants to raise VAT on the two items to 15% from existing 5%
The prices of mango bar and different types of juice are set to see a hike as the government wants to raise value-added tax on the items by 10 percentage points.
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"To improve the VAT compliance and increase revenue collection, I propose to fix 15 percent VAT at local manufacturing stage on mango bar, mango juice, pineapple juice, guava juice and tamarind juice instead of 5 percent," Finance Minister Abul Hassan Mahmood Ali said in his budget speech.
Bangladesh, with a population of over 171 million, is among the world's five-fastest growing countries in the fruit drinks segment, according to industry people.
Akij, Pran, Abul Khair Group, ACME, and Shezan are the top players in the fruit drinks market.
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