The government plans to withdraw the existing 5% advance tax on the import of 13 oil and petroleum products in the upcoming budget aiming to alleviate the burden on the public due to rising inflationary pressure, according to sources within the finance ministry.
Officials from the finance ministry have confirmed to The Business Standard that the removal of the advance tax will result in cheaper fuel oils, including crude oil, diesel, jet fuel, kerosene, and base oil.
Source: www.tbsnews.net
Latest Posts in "Bangladesh"
- VAT Waiver on Vessel Imports: Opportunity for Growth with Rigorous Compliance Conditions
- Bangladesh Exempts VAT on Large Vessel Imports to Boost Trade and Employment Opportunities
- Government Grants VAT Exemption on Import of Large Sea-Going Vessels
- NBR Halts Manual VAT Audits to Prevent Corruption, Plans Automated System Implementation
- Understanding Tax Refund Limitations: Legal and Erroneous Payment Criteria Under the Tax Code
