The government has announced removal of a 7.5 per cent Value Added Tax (VAT) on seagoing vessels with a capacity exceeding 5,000 Deadweight Tonnage (DWT) in a bid to support the maritime sector.
This decision was made during the weekly meeting of the Advisory Council held at the Chief Adviser’s Office (CAO) with Chief Adviser Professor Muhammad Yunus in the chair.
Following the meeting, chief adviser’s Press Secretary Shafiqul Alam disclosed the decision while talking to the media at the Foreign Service Academy.
He stated that the exemption is expected to boost vessel procurement by both public and private sectors, facilitate foreign exchange earnings, and create more job opportunities.
“This exemption will not only ease business operations but is also an important move to enhance Bangladesh’s standing in international trade,” added Shafiqul.
He also highlighted that the meeting touched upon Bangladesh’s unwavering support for Palestine. “We have consistently maintained a firm position on the Palestinian issue,” he said.
Foreign Affairs Adviser Md Touhid Hossain will represent Bangladesh at the upcoming ‘UN High-Level International Conference on the Peaceful Settlement of the Question of Palestine’ in New York and participate in the OIC emergency session in Doha on September 15.
The meeting also reviewed the progress of the Reform Commissions. Shafiqul Alam mentioned that 51 recommendations have already been implemented, 37 are partially underway, and the rest are being carried out.
Some of these recommendations are political and will require implementation by a future elected government.
Addressing concerns about the pace of reforms, the press secretary clarified, “In reality, significant reforms are underway across all ministries, including in banking, energy, revenue, and labour. The process is ongoing and steadily progressing.”
About reforms in labour sector, Shafiqul shared that many of the 82 recommendations from the Labour Commission have been enacted.
The Ministry of Labour, in collaboration with the International Labour Organization (ILO), is working to implement the remaining reforms once labour laws are amended.
He also pointed out that the 18-point tripartite agreement reached last year had already led to an increase in wages for workers.
Chief Adviser’s Deputy Press Secretary Abul Kalam Azad Majumder was also present during the briefing.
