BEZA wants duty-free imports of spare parts for EZ units

Staff Correspondent | Published: 00:05, Jul 17,2018

 
 

Bangladesh Economic Zone Authority has sought duty-free benefit on imports of spare parts for factories located in economic zones of the country.
In a letter to the National Board of Revenue, BEZA executive chairman Paban Chowdhury on July 10 made the request for including the benefit in the incentive package for investors in the zones.
He said that industries located in the export processing zones under the Bangladesh Export Processing Zones Authority also got exemption from payment of customs duty, regulatory duty, supplementary duty and value-added tax on imports of spare parts along with capital machinery.
Private EPZs also enjoy the same benefit.
The revenue board in 2015 waived all duties and VAT on imports of capital machinery and construction materials for factories located in the economic zones by issuing a statutory regulatory order with fulfilment of some conditions which included mandatory registration of EZ factories with the value-added tax authority and obtaining BEZA approval and certification of the import list of machineries and construction materials.
Some construction materials including SM rod/bar, cement, pre-fabricated building, iron and steel sheet which are available in local market were not eligible for the waiver.
In the letter written to NBR chairman Md Mosharraf Hossain Bhuiyan, BEZA executive chairman said that in May 2017, the BEZA made a request to amend the SRO and include spare parts in the list of products eligible for the benefit.
The NBR was yet to either amend the SRO or issue a new one in this connection, he said.
The BEZA made the request again as per the decision of the sixth meeting of the governing body of the authority presided over by prime minister Sheikh Hasina.
‘The NBR will take required steps promptly on the issue after detailed scrutiny on the incentive proposal of the BEZA,’ the meeting decided.
NBR officials said that they would examine the proposal and take the decision accordingly.
The revenue board usually allows such benefits to sectors considering the potential of boosting private investment and generating employment, they said. 

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images