HUMAN VACCINE IMPORT

NBR waives advance income tax

Staff Correspondent | Published: 22:31, Feb 19,2021

 
 

The National Board of Revenue has waived the advance income tax on import of all types of human vaccines to make them affordable for the country’s citizens and facilitate the overall immunisation process, particularly the COVID-19 vaccination, in the country.

The NBR’s income tax wing on Thursday published the draft of the statutory regulatory order proposing an amendment to the Income Tax Rules-1984 in this connection.

According to the proposed amendment, the import of all types of human vaccines will be exempted from the payment of 5 per cent AIT.

Stakeholders are requested to give their opinions on the proposed amendment within 15 days of publication of the draft SRO, it said.

The revenue board will accommodate suggestions or objections, if any, from the stakeholders, it said, adding that otherwise, the pre-publication of the SRO will be considered as final.

Officials of the revenue board said that traditionally, they did not get any objection to such amendment proposals brought in the public interest.

The Directorate General of Health Services had requested the NBR to mainly withdraw the AIT on the import of coronavirus vaccine.

The revenue board has now offered the waiver on all types of human vaccines considering their importance in the prevention of various diseases.

The decision will also not affect the local pharmaceutical sector as the country hardly manufactures human vaccines, they said.

There are no other duties and taxes on the import of the products.

NBR second secretary (income tax policy) Mohidul Islam Chowdhury told New Age that the AIT exemption would help to make vaccines affordable for the people.

It will also play a role in boosting the overall immunity of the citizens in the country amid the coronavirus outbreak, he said.

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