Businesses urged to manufacture cars

NBR Chairman Abu Hena Md Rahmatul Muneem at a pre-budget discussion meeting on Tuesday urged the businesses to manufacture cars in the country.

“Earlier, the industries imported television sets, now they manufacture  it in the country. So, you have to focus on car manufacturing, not importing it,” he said while presiding over the discussion meeting with Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) held at Rajaswa Bhaban in the capital’s Agargaon area.

“Will you bring in (import) cars only? We are going to be a middle-income country; you only continue to import cars. When will you manufacture cars? We will provide you with policy support till 2030, so manufacture cars locally,” he said.

He added: “The country’s economy is growing and the overall infrastructure like roads and bridges is developed in the country. Amidst the ongoing economic transformation, we need more cars and public transport. Taking it into consideration, we will provide support but you have to focus on manufacturing.” 

At the meeting, BARVIDA urged the NBR to withdraw supplementary duty (SD) on electric vehicles, lift existing 20 per cent SD on microbuses used for public transport and reduce import duty on public transport to 1 per cent from 10 per cent.

The association leaders also said they want to bring specific taxation taking into account the depreciation rate of taka against dollar as the duty rate rapidly changes due to changes of the exchange rate. It is also creating unequal competition in the market, they added.