- Export-oriented industries in Bangladesh no longer have to pay VAT on port services for raw material imports and finished goods exports.
- The National Board of Revenue (NBR) issued a directive exempting 100% export-oriented industries, deemed exporters, and firms in export processing zones (EPZ) from VAT on port services.
- Exporters welcomed the government’s decision with relief.
- The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) praised the NBR’s clarification and directive.
- The VAT exemption benefit was withdrawn in the Finance Act of 2022, but the NBR reviewed the matter and issued a new directive.
- The Chattogram Port Authority and VAT office are instructed to implement the exemption for export-oriented industries.
- The reinstatement of the VAT exemption is expected to provide significant relief and boost competitiveness for export-oriented industries.
Source: tbsnews.net
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.
