BARVIDA seeks tax rebate on hybrid cars import

Dhaka,  Wed,  20 September 2017
Published : 19 Apr 2017, 21:41:37

BARVIDA seeks tax rebate on hybrid cars import

BARVIDA seeks tax rebate on hybrid cars import
FE Report

The Bangladesh Reconditioned Vehicle Importers and Dealers Association (BARVIDA) on Wednesday sought tax rebates and incentives for imported hybrid cars.

A hybrid vehicle uses two or more distinct types of power, such as internal combustion engine plus electric motor.

The association leaders said the price of reconditioned hybrid cars was 35 to 40 per cent more than the fossil cars where they proposed providing 35 per cent subsidies to supply such fuel-efficient and environment-friendly cars with almost similar price of the fossil cars.

The association leaders also made some proposals including re-assessment of depreciation rates of fossil fuel cars, amendment to counting rating system of the cars to provide depreciation and changes in slab-wise tax imposition.

They made the proposals at a pre-budget discussion with the National Board Revenue (NBR) at the NBR auditorium in the city.

The discussion was attended, among others, by the NBR member (VAT policy) Jahangir Hossain, NBR member (Duty Policy) Md Lutfor Rahman, NBR member (income tax policy) Parvez Iqbal, chairman of BARVIDA Habib Ullah Dawn and general-secretary of BARVIDA Mohammad Habibur Rahman.

Speaking at the program, Mr Dawn said that most of the countries in the world are now taking the advantage of the hybrid cars but Bangladesh is yet to grab it.

He said imports of such cars would significantly reduce the use of fossil fuel and compressed natural gas (CNG).

"Besides, it is very much important to import cars as our 95 per cent reconditioned cars are being imported from Japan and Japan is day by day moving from manufacturing fossil cars to hybrid cars," he added.

Mr Dawn said like Japan and European countries, Sri Lanka, the Philippines and Taiwan were also giving incentives and tax rebates on buying hybrid cars.

Mohammad Habibur Rahman stressed the need for changes in slab-wise tax imposition to promote the imports of reconditioned cars.

Jahangir Hossain said they had noted the proposals and demands of the BARVIDA and would work on it accordingly.
Editor : A.H.M Moazzem Hossain
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