ZCZC
BSS-43
NBR-VAT-EXEMPTION
Local AC, fridge manufacturers get VAT exemption for two more years
DHAKA, Oct 24, 2018 (BSS) – The National Board of Revenue (NBR) has
extended the Value Added Tax (VAT) exemption facility for locally produced
AC-fridge for two more years.
Now the local manufacturers of air-conditioner and fridge will be able to
enjoy VAT exemption facility up to June, 2021, said NBR in two separate
circulars issued on Sunday last.
Local manufacturers of AC and fridge compressors will also get the same
facility if they get registration from Bangladesh Investment Development
Authority (BIDA), said the NBR.
“All local manufacturers of AC-fridge and compressors must comply with all
conditions to avail the VAT exemption facility . . . factories must have all
machinery and 30 percent value addition,” said the NBR.
“The NBR has taken this step to give necessary protection to local
industries as per the present government’s policy,” the NBR added.
On June 10, 2010, the government exempted VAT at production level for
refrigerator and motorcycle up to 2014 but before the expiry of the period,
the government extended the facility up to June 30, 2016 through a SRO on
October 22, 2013. On November 21, 2011 the NBR gave Air conditioner
manufacturers the same facility up to June 30, 2016 which was later extended
up to June 30, 2018.
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