7.5% VAT on large ocean-going vessel imports waived

The government has decided to waive the 7.5% VAT on imports of ocean-going vessels over 5,000 deadweight tonnage (DWT) to enhance foreign exchange earnings and create job opportunities.

The Council of Advisers took the decision at its weekly meeting at the Chief Adviser’s Office, chaired by Chief Adviser Prof Muhammad Yunus.

“The exemption will encourage vessel procurement in both public and private sectors, expand foreign exchange earnings, and generate new jobs,” Chief Adviser’s Press Secretary Shafiqul Alam told reporters at the Foreign Service Academy. Chief Adviser’s Deputy Press Secretary Abul Kalam Azad Majumder was also present.

“This is not just a measure for business convenience, but also a significant step toward strengthening Bangladesh’s capacity in international trade,” Alam added.

The meeting also discussed Bangladesh’s stance on the Palestine issue.

“We have always maintained a clear position on the Palestinian cause,” Alam said, adding that Foreign Affairs Adviser Md Touhid Hossain will present Bangladesh’s position at the upcoming UN High-Level International Conference on the Peaceful Settlement of the Question of Palestine in New York, and will also attend the OIC Emergency Meeting in Doha on September 15.

Progress by the Reform Commissions was another topic of discussion. Alam said 51 recommendations have been fully implemented, 37 partially implemented, and the rest are in progress.

“Some recommendations are political in nature and will require action by an elected government, as they involve MPs’ roles,” he noted.

Addressing misconceptions, Alam said reforms are taking place in every ministry. “Almost every sector has undergone reforms, including banking, energy, revenue, and labor, and the process continues.”

On labor sector reforms, Alam said many of the 82 recommendations of the Labor Commission have already been implemented. “Once the labor law is amended, most of the remaining recommendations will also be carried out. Our Ministry of Labor is working closely with the ILO.”

He also highlighted that last year’s 18-point tripartite agreement marked a major achievement, with worker wage increases already implemented under the framework.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}