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SCB lauds extension of tax exemption for Bangladeshi vessels

BI Report || BusinessInsider

Published: 17:18, 13 June 2022   Update: 22:34, 13 June 2022
SCB lauds extension of tax exemption for Bangladeshi vessels

Md Rezaul Karim

Md Rezaul Karim, chairman of Shipper’s Council Bangladesh (SCB), has said the extension of tax exemption till 2030 for Bangladeshi flagged ships will encourage new investment in this sector, helping employment growth and export diversification.

In his reaction to the recently proposed National Budget 2022-2023, the SCB chairman, said the reduction of corporate taxes will enhance investment, and facilitate export diversification.

Reducing corporate tax rates on shipping agents and providing financial incentives to shipping agents are also necessary, said the chairman of SCB.

It is also necessary to declare freight forwarding as a service industry, he added.

The personal tax-free income limit should be increased, he suggested, adding that it is possible to implement this budget even if it is difficult.

He hoped that the government will be cautious in meeting the budget deficit.

Furthermore, the same tax rate for all export-oriented industries as applicable to the readymade garment industry will play an important role in diversifying export products.

Like Padma Bridge, other mega projects like Metro Rail, Chittagong Bay Terminal, Karnafuli Tunnel, Rooppur Nuclear Power Station, Mirsarai Bangabandhu Industrial City and Chittagong Cox's Bazar Railways need to be implemented on an urgent basis, he added.