BOOK REVIEW

Guide to updated import taxes

Doulot Akter Mala | Published: August 02, 2018 21:56:07 | Updated: August 02, 2018 22:00:58


Fiscal measures play an important role in business activities. Both local and foreign investors frame their business plans on the basis of new fiscal measures shown in national budgets every year. Projection of profits and losses in business depends on the fiscal measures.

However, the absence of a clear picture of the changes in tax measures often creates confusions among the businesses. Statutory Regulatory Orders (SROs) usually mention replacement or addition of new taxes or tax exemptions.

Depending on the information contained in the SROs, many businesses cannot form an idea about what will be the actual tax incidence for importing a particular product. General businesses find the legal jargons in the SROs to be complex ones.

They have to take the help of several SROs on income tax, Value Added Tax (VAT) and the customs wing to know about the total tax rate for importing an item.

In the light of these issues, the recently published book named 'Bangladesh Customs Tariff', comprising the tax structure of the Fiscal Year (FY) 2018-`19, appears to be of considerable help for the businesses. It is the eighth edition of the book, compiled by Mohammed Ruhul Amin.

The publication compiles all the previous and revised tax rates. It has accommodated a comprehensive chart of tax rates for all items, making it an updated version on all import tax structures.

The book presents in detail Customs Duty, Supplementary Duty, Regulatory Duty, Advance Income Tax (AIT), Advance Trade VAT (ATV) and VAT, along with their respective Total Tax Incidence.

The book also presents the segmented forms of the products under zero duty.

The publication uses separate sections for live animals, animal products, vegetable products, animal or vegetable fats or oils and their cleavage products, prepared edible fats, animal or vegetable waxes, prepared foodstuffs, beverages, spirits and vinegar, tobacco and manufactured tobacco substitutes, mineral products, products of the chemical or allied industries, plastics and articles thereof, rubber and articles thereof, raw hides and skins, leather, furskins and articles thereof, saddler and harness, travel goods, handbags and similar containers, articles of animal gut, wood and articles of wood, wood charcoal, cork and articles of cork, manufacturers of straw, of esparto or of other plaiting materials, basketware and wickerwork, pulp of wood or of other fibrous cellulosic material, recovered (waste and scrap) paper or paperboard, paper and paperboard and articles thereof.

The book also compiles the updated tax structure for textile and textile articles, footwear, headgear, umbrellas, sun umbrellas, walking sticks, seat sticks, whips, riding-crops and parts thereof, prepared feathers and articles made therewith, artificial flowers, articles of human hair.

Tax rates for import of articles of stone, plaster, cement, asbestos, MICA or similar materials, ceramic products, glass and glassware, natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof, imitation jewellery, coin, base metals and articles of base metal, machinery and mechanical appliances, electrical equipment, parts thereof, sound recorders and reproducers, television image and parts and accessories of such articles have also been included in the book.   

The book contains tax rates for vehicles, aircraft, and vessels and associated transport equipment, optical photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus, clocks and watches, musical instruments, parts and accessories thereof.

It also shows the tax rates for import of arms and ammunition, parts and accessories thereof, miscellaneous manufacturing articles, works of art, collectors' pieces and antiques.

The book has separate contents of general rules for the interpretation of the harmonised system.

Industrial entrepreneurs, businesses, importers, exporters, agents, and researchers are expected to be benefited by the book. The functional aspect of the book has to be acknowledged.

doulot_akter@yahoo.com

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