The government has decided to provide a major duty exemption on the import of new electric buses and trucks to encourage environmentally friendly transportation in the country.
As a result of this decision, these vehicles can be imported by paying nominal taxes subject to certain conditions until June 30.
The proposal in this regard was approved in the sixth meeting of the Cabinet held in the Cabinet Room of the Jatiya Sangsad Bhaban on Sunday evening under the chairmanship of Prime Minister Tarique Rahman.
After the meeting, a press release from the Cabinet Division said that this proposal raised by the Internal Resources Department has been approved with the aim of environmental development and building a modern transportation system.
According to the cabinet decision, this facility will be applicable to the import of completely new electric buses with a minimum of 17 seats under HS Code 87.02.40.00.
In addition, 15 percent value added tax (VAT) has been maintained for these buses imported for purposes other than student transportation. However, all types of customs duties, regulatory duties, supplementary duties, advance taxes and advance income taxes except VAT have been exempted. As a result, the total tax burden on importers will be only 15 percent.
Along with buses, it has also been decided to provide similar duty exemptions and benefits for the import of new electric trucks with a capacity of 5 tons or more.
This special duty benefit will be effective until June 30.
As per the cabinet decision, the Internal Resources Department will soon issue a formal notification in this regard.
According to those concerned, this decision will reduce the country’s dependence on fossil fuels and Bangladesh will take another step forward in reducing carbon emissions.
Source: BSS
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