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LOCAL PESTICIDE PRODUCTION

AT on import of 100 types of chemicals waived

Staff Correspondent | Published: 22:07, Oct 15,2020 | Updated: 22:16, Oct 15,2020

 
 

The National Board of Revenue has exempted the country’s pesticide manufacturers from payment of advance tax (AT) on import of more than 100 types of chemicals required for pesticide production.

Value-added tax wing of the revenue board on Tuesday issued a statutory regulatory order offering the exemption from 5 per cent AT on import of the products.

According to the SRO signed by NBR chairman Abu Hena Md Rahmatul Muneem, the exemption will be applicable to production of insecticide, fungicide, herbicide, anti-sprouting products, plant growth regulator and disinfectants used in agricultural activities.

The pesticide manufacturers having approval of the agriculture ministry will be able to avail the benefit, it said.

The benefit will be applicable to the products mentioned in the table-1 of the customs department’s SRO no 186 issued on June 30, 2020, it added.

The products include different types of organic and inorganic chemicals, chemical elements and miscellaneous chemical products.

Earlier on June 30, 2020, the NBR waived customs duty and VAT on import of the products by pesticide manufacturers.

Officials said that the NBR waived the AT on import of the items following demand of the manufacturers to keep the finished products affordable.

Manufacturers had also been facing difficulties in getting rebate of AT earlier paid on import as the sector enjoys VAT exemption on import and at the domestic stage, they said.    

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