Abu Taher BappaPublished:
2020-03-29 14:05:15 BdST
Poultry, fisheries, livestock sectors made tax-free
The National Board of Revenue, or NBR, has waived advance tax on the import of materials for producing poultry, fisheries and livestock feed to support the sector.
The import of soybean meal, corn gluten meal, rapeseed extraction and other feed-producing products and raw materials for the poultry, fisheries and livestock sectors will get the exemption from March 25.
The NBR also exempted the import of dredger from the payment of advance tax.
The VAT, or Value Added Tax wing of the board has issued a regulatory order in support of the measure.
A senior VAT official said the advance tax has been imposed at the import stage of the products with the implementation of the VAT and Supplementary Duty Act-2012 since July 01, 2019.
"There are no other levies on such products apart from advance tax. Importers of the products have to claim refund after import," he said.
The importers were demanding the withdrawal of the upfront tax since refund process is cumbersome and complex.
The latest order means all taxes have been waived from the burgeoning sectors.
As per the order, poultry, livestock companies, animal health companies, feed manufacturing entities of poultry, livestock and the dairy sector, who are registered under the state-run Department of Livestock, would enjoy the tax exemption.
Also, fisheries and fish feed manufacturing companies registered under the Department of Fisheries of the ministry will get the facility.
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