BARVIDA seeks 50pc depreciation facility on reconditioned cars import

The Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) has sought a 50 per cent depreciation facility on the import of reconditioned cars.
 
Currently, the depreciation rate on reconditioned vehicles is 30 per cent.

The association today (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 that the provision of providing maximum depreciation in the first year for any product is internationally accepted.

He proposed determining a zero per cent tariff for one year old reconditioned cars, a 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 increase, which will play an effective role in meeting revenue targets.

Habib Ullah Dawn said that if the government considers the proposal of reducing supplementary duty on the import of microbuses for use as public transport, it will help meet the public transport crisis.