The National Board of Revenue has offered tax benefit on production of lifts and import of raw materials for manufacturing the product.
Value-added tax wing of the NBR on May 14 issued a statutory regulatory order exempting the lift manufacturers from payment of VAT and supplementary duty on local production of lifts and import of raw materials and spare parts by the sector.
The waiver will remain effective up to March 30, 2022.
The revenue board, however, tagged some conditions for getting the benefit.
The conditions include mandatory registration of the manufacturers with the Bangladesh Investment Development Authority or Bangladesh Economic Zone Authority and having environmental clearance certificate.
The manufacturers must have 15 types of machinery, including shot blast machine, power press machine, vertical and horizontal milling machine, inverter DC Arc welding machine, lathe machine, CNC punching bending machine, fibre laser cutting machine, MIG welding machine, water jet cutting machine, straight side mechanical press machine, automatic rotary shearing machine, automatic TIG welding machine, bench drilling machine and power coating plant for availing the benefit.
The producers will also have to have own quality control system and after sales service facility, according to the SRO.
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