The cabinet on Sunday approved a proposal granting a massive waiver of customs duties and taxes on the import of new brand electric buses and trucks to encourage an environmentally friendly transportation system in the country, reports BSS.
The Cabinet approved the proposal at its sixth meeting held at the Cabinet Room in the Sangsad Bhaban in the evening. Prime Minister Tarique Rahman chaired the meeting.
According to the decision, this facility will be applicable to the import of completely new electric buses with a minimum of 17 seats under H.S Code 87.02.40.00.
In addition, 15% Value Added Tax (VAT) has been retained for these buses imported for purposes other than student transportation.
However, all types of customs duty (CD), regulatory duty (RD), supplementary duty (SD), advance tax (AT) and advance income tax (AIT) except VAT have been exempted.
As a result, the total tax burden on importers will be only 15%.
In addition to buses, it has also been decided to provide similar duty exemptions and benefits for the import of new electric trucks with a capacity of 5 tonnes or more.
This special tariff benefit will remain effective until 30 June 2026. As per the cabinet decision, the Internal Resources Department will soon issue a formal notification in this regard.
Bd-Pratidin English/ AM
