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BARVIDA seeks 50% depreciation on reconditioned cars

TBP Desk
12 Feb 2024 20:13:24 | Update: 12 Feb 2024 20:33:47
BARVIDA seeks 50% depreciation on reconditioned cars

The Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) have sought a 50 per cent depreciation facility on import of reconditioned cars.

Currently, the depreciation rate on reconditioned vehicles is 30 per cent. The association on Monday made the demand at the pre-budget discussion with the National Board of Revenue (NBR) held at the NBR Bhaban in the capital’s Agargaon area.

NBR Chairman Abu Hena Md Rahmatul Muneem presided over the discussion while BARVIDA President Md Habib Ullah Dawn placed proposals for the upcoming fiscal budget before NBR. Md Habib Ullah Dawn said the provision of providing maximum depreciation in the first year for any product is internationally accepted.

He proposed determining zero per cent tariff for one year old reconditioned cars while 10 per cent tariff for two years old cars, 20 per cent for more than two years old cars, 30 per cent for up to three years old, 40 per cent for four years old and 50 per cent for five years old cars.

He said if the government considers the proposals, car imports will be increased which will play an effective role to meet revenue targets. Habib Ullah Dawn said if the government considers the proposal of reducing supplementary duty on import of microbuses for use as public transport, it will help meet the public transport crisis.