Govt waives 7.5% VAT on large ocean-going vessels

The government has decided to waive the 7.5% value added tax (VAT) on imports of ocean-going vessels exceeding 5,000 deadweight tonnes (DWT), in a move aimed at boosting foreign exchange earnings and creating new employment opportunities. The decision was taken by the Council of Advisers during its weekly meeting held at the Chief Adviser’s Office (CAO), chaired by Chief Adviser Professor Muhammad Yunus. Chief Adviser’s Press Secretary, Shafiqul Alam, told reporters at the Foreign Service Academy that the Council believes the exemption will incentivise vessel procurement across both public and private sectors, expand opportunities for foreign...