No advance tax on MPs’ duty-free cars | The Daily Star
12:00 AM, October 17, 2019 / LAST MODIFIED: 12:00 AM, October 17, 2019

No advance tax on MPs’ duty-free cars

Such tax on poultry feed ingredients, solar panel’s spare parts also withdrawn

The revenue administrator has exempted the advance tax on import of ingredients of poultry and fish feed, machinery and spare parts of solar panel manufacturers and duty-free cars for lawmakers.  

It also withdrew such tax on products brought over in baggage by travellers, artificial staple fibres imported by spinners and polyester yarn and other metalised yarn imported by Jamdani weavers and oceangoing vessel of 5,000 deadweight tonnages.

“We have exempted the advance tax as there is no VAT on these products,” said a senior NBR official preferring anonymity.

The exemption comes over three months after the introduction of the advance tax by the National Board of Revenue under the new value added tax (VAT) system. 

The NBR slapped 5 percent advance tax on imports of all sort of goods, exempting certain areas, including export-oriented industries, capital machinery and spare parts and essential drugs, on June 13 this year. 

It said importers would be able to adjust the advance tax with total VAT in their returns.

However, businesses from various sectors said such tax would push up operational costs of their businesses, particularly for domestic market-oriented industries.

The NBR official said withdrawal of the indirect tax would facilitate businesses and save time for both firms and revenue officials in filing for advance tax adjustments.

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