- Chittagong Port Authority in Bangladesh has revoked the VAT on port services for export-oriented industries.
- The president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) sees this as a positive move for the garment industry.
- The decision will reduce operational costs for Bangladesh businesses.
- The National Board of Revenue initially introduced a 15% VAT on port services for export-oriented industries in 2019 and 2021.
- The enactment of last year’s Finance Act imposed a 15% VAT on port services, which affected garment exporters.
- The BGMEA president and a delegation negotiated with the NBR for the removal of VAT on port services.
- 45% of containerized goods imported through Chittagong port were subjected to VAT, increasing export costs.
- The move shows the government’s commitment to supporting export-oriented industries and fostering economic growth.
Source: just-style.com
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.
