The relaxing of the rebate facilities will waive more than 1% in duties and taxes
The government is set to relax the rules for rebate facilities on the import of capital machinery.
Items under the rebate facilities include machinery for LPG bottling and power plants, a Finance Division official told the Dhaka Tribune.
The relaxing of the rebate facilities will waive more than 1% in duties and taxes.
The official said that a gazette notification in this regard would be issued once Finance Minister AMA Muhith gives his consent for the rebate proposal.
However, some conditions would be put in place regarding the rebate facilities, the official added.
Sources in the Finance Division said that several flagship local firms had applied to the National Board of Revenue (NBR) asking to relax rules for rebate facilities on the import of capital machinery and parts for capital machinery, in response to which an NBR committee prepared the new policy.
The companies included Petromax Limited, Universal Gas and Cylinder limited, Petroleum Product Limited , Beximco Pharmaceuticals Ltd (BPL) ,S Alliance Power Limited, Dhaka North Power Limited and Para 1320MW Ultra-Supercritical Coal Based Heat Power Center .
According to the NBR proposal, light equipment, electrical equipment, fire-fighting systems, transformers, switches and pre-fabricated building structures are some of the items and parts needed to increase the efficiency of machinery in larger plants.