Bangladesh to Issue VAT Exemptions, Tax Cuts to Aid Local Exporters

Bangladesh will soon issue a “wide range” of value-added tax exemptions on locally manufactured products and cut advance taxes on imported raw materials to boost the domestic industry and aid local exporters, the Hong Kong Trade Development Council reported June 15. The exemptions and cuts, effective July 1, will apply to manufactured household appliances, computing products and more. Advance taxes will drop from 4% to 3% for imported raw materials used in certain domestic industries, HKTDC said.