- The Bangladesh Trade and Tariff Commission (BTTC) has recommended exempting indenting services from value-added tax (VAT).
- Currently, indenting agents in Bangladesh are required to pay a 5.0% VAT on their earnings.
- The Ministry of Commerce is seeking an opinion on the matter.
- The Bangladesh Indenting Agents’ Association (BIAA) argues that indenting is a government-recognized service export sector and should be exempt from VAT.
- The indenting sector has been included as a service sector in the Export Policy-2021-24.
- The BTTC suggests continuing with the existing registration fees for the sector.
- The indenting business is not directly involved in manufacturing or value addition.
- The FBCCI and BIAA have requested the finance and planning ministers to withdraw the VAT.
- The indenting agents’ association claims that the sector is facing challenges due to the VAT imposition.
- The association is affiliated with the FBCCI and believes that withdrawing the VAT would contribute to the flourishing of the indenting business in Bangladesh.
Source: today.thefinancialexpress.com.bd
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
