Dhaka: The government has announced a significant tax exemption initiative by deciding to waive the existing 7.5 percent Value Added Tax (VAT) on the import of sea-going vessels with a capacity exceeding 5,000 Deadweight Tonnage (DWT). This decision was reached during the weekly meeting of the Advisory Council, chaired by Chief Adviser Professor Muhammad Yunus, held at the Chief Adviser’s Office.
According to Bangladesh Sangbad Sangstha, the announcement was made by Chief Adviser’s Press Secretary Shafiqul Alam during a press briefing at the Foreign Service Academy. The Advisory Council emphasized that the VAT exemption is aimed at facilitating vessel procurement in both the public and private sectors. This move is expected to open new avenues for foreign exchange earnings and generate employment opportunities. The press secretary highlighted that strengthening Bangladesh’s capacity in international trade is a crucial aspect of this initiative.
Additionally, the meeting addressed Bangladesh’s unwavering stance on the Palestine issue. Shafiqul Alam articulated that Foreign Affairs Adviser Md Touhid Hossain would represent Bangladesh’s position at the upcoming ‘UN High-Level International Conference on the Peaceful Settlement of the Question of Palestine’ in New York. Furthermore, Md Touhid Hossain is scheduled to attend the OIC emergency meeting in Doha on September 15.
The Advisory Council meeting also reviewed the progress of the Reform Commissions, with Shafiqul Alam noting that 51 recommendations have been implemented so far, while 37 are in the process of being partially implemented. Some recommendations, particularly those of a political nature, will need to be executed by an elected government. The press secretary addressed the misconception regarding the lack of reforms, asserting that significant reforms are being steadily undertaken across various ministries, including banking, energy, revenue, and labor.
Regarding labor sector reforms, Shafiqul Alam mentioned that many of the 82 recommendations from the Labor Commission have been implemented, and once the labor law is amended, most of the remaining recommendations will be addressed. The Ministry of Labor is collaborating closely with the International Labour Organization (ILO) to ensure successful implementation. He also noted the achievement of last year’s 18-point tripartite agreement, which has already led to wage increases for workers.
Chief Adviser’s Deputy Press Secretary Abul Kalam Azad Majumder also attended the briefing.