The National Board of Revenue (NBR) has imposed additional taxes on various luxury goods to discourage imports. Of these, new taxes have been imposed on some products, and taxes have been increased on some products. The list of these products includes biscuits, chocolates, fruits, juices and foreign-made garments, furniture and making raw materials for making furniture and cosmetics, etc.
The organisation issued a circular in this regard on Monday (23 May). The circular, signed by NBR Chairman Abu Hena Rahmatul Munim, said that a regulatory tax of 3% to 30% has been imposed on these products.
These products have been subjected to regulatory duty (RD) to reduce the import trend and ensure the safety of local products.
Of the new regulatory taxes which have been imposed on products, 20% have been imposed on wood and iron furniture and raw materials of furniture; 30% on private cars in CKD condition; 20% on pickup and double cabin pickup vans and 15% on car engines. Additionally, 3% to 10% tax has been imposed on tires, rims, etc.
Apart from this, 3% to 10% regulatory duty has been imposed on rods, billets, etc. used as raw materials for construction. A 5% regulatory duty has been imposed on the import of fly ash, one of the raw materials in the cement sector.
On the other hand, 20% of regulatory taxes will be imposed on various cosmetics, including perfumes, hair and skin care products, and shaving products from now on. Imports of oxygen, nitrogen, argon, and first aid are also subject to 15% regulatory duty. Fibre optics and various types of cables will be taxed at 3% to 10%.
Besides, the NBR took the initiative to discourage imports by imposing a 20% regulatory duty on various fruits including mango, apple, watermelon, and nuts. Rice (husked) is subject to 25% regulatory duty.
Meanwhile, the NBR said in a press release on Tuesday (24 May) that to restructure the post-COVID-19 economy, reduce dependence on luxury goods and reduce imports and save foreign exchange, instead of 0-3%, 20% regulatory duty has been imposed on imports of foreign fruits, flowers, furniture, and cosmetics.
