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Dhaka Tribune

NBR to offer uniform facilities for all export-oriented sectors

Garment exporters also enjoy bonded warehouse facilities, which may be extended to other sectors so the export is diversified

Update : 06 Feb 2024, 08:04 PM

The National Board of Revenue on Monday said it will provide all export-oriented sectors with the same facilities afforded to garment exporters to diversify exports.

For example, the government has reduced the corporate tax to 10% for green garment factories and 12% for non-green garment factories, NBR Chairman Abu Hena Md Rahmatul Muneem said on the day.

The rate is 20% for listed companies, 27.5% for non-listed firms, and 45% for tobacco and non-listed telecom operators.

The NBR will take similar measures for other export-oriented sectors, Muneem said.

He was speaking at a pre-budget dialogue with the members of the Economic Reporters' Forum (ERF) at the NBR office in Dhaka.

Garment exporters also enjoy bonded warehouse facilities, which may be extended to other sectors so the export is diversified, he said.

Under the bonded warehouse facility, exporters can import raw materials duty-free to make finished goods for overseas markets. Neither the raw materials nor the final products can be sold in the local markets.

While the NBR has no plans to provide any partial bonded warehouse facilities to exporters, they can avail of the duty-drawback facility, which is the refund of duties and taxes paid on inputs or raw materials used for the manufacture of exported goods and services.

To boost tax collection, the NBR is introducing tax return preparers (TRPs).

The number of companies with VAT registration codes has gone up.

In June 2020, there were 200,000 companies with VAT registration numbers. That number has climbed to 497,000 and is expected to cross 500,000 soon.

The NBR also plans to reduce the VAT rate, the senior secretary said, adding that VAT had already been reduced at the retail level in some cases for the greater interest of consumers.

For instance, the VAT on sales of sweetmeat is included in the prices as many shops cannot calculate the indirect tax separately.

The NBR chief suggested consumers collect invoices when they purchase goods from shops so that no entity can evade taxes or VAT.

At the meeting, the ERF submitted a set of proposals for the NBR to consider in the upcoming budget, which will be unveiled in June.

ERF President Mohammad Refayet Ullah Mirdha also spoke.

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