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26 Jun 2013
NBR to allow duty-free import of Padma Bridge 'goods'

The revenue board will allow duty-free import of 'goods' on temporary basis, for construction of the Padma multipurpose bridge, and on condition of bank guarantee. The bank guarantee will be unconditional and continuous for temporary import of goods with a view to undertaking their subsequent 'export'. The guarantee will be issued from a scheduled bank for customs duties and taxes.

The National Board of Revenue (NBR) said it in a report containing its opinion on the bidding documents of the main segment of the Padma multipurpose bridge project. The board sent the report to the Bangladesh Bridge Authority (BBA), the executing agency of the bridge, last Sunday following its request. Earlier, the communications minister Obaidul Quader said the international bid for construction of the main Padma Bridge would be invited on June 30 next. The total cost of the project would be Tk 205.07 billion. The tender for main bridge construction would be worth Tk 91.72 billion.

In the report, the NBR made it clear that the board would be unable to provide any tax benefit if any agreement on the construction of the main bridge is signed outside the above guidelines or the board's opinion written in the report. The NBR gave a detailed outline on tax measures for bidders on construction of the main bridge. "Customs duties will be payable at clearance stages of all of the project materials, machinery, tools and equipment imported for project implementation," the report said.

Duties and taxes have to be paid by the project implementing agency, the importer or the contractor at clearance stages. However, foreign experts and consultants, who are direct employees of 'international organisations' or 'development partners of Bangladesh' will enjoy tax benefits as privileged persons. On value added tax (VAT)-related issues, the goods and services that will be procured under the Padma Bridge project shall be subject to payment of VAT and supplementary duty (SD). "The services of the international and local consultants and other services, which will be procured for implementing the project, shall also be subject to payment of VAT," the report said citing the existing VAT law.

It said the scope and rate of the VAT would be determined under statutory regulatory orders (SROs), with them for the time being in force. If any service is brought to Bangladesh from abroad, VAT will be required to be paid by the service receiver. Income tax will be payable at source on the income of local and foreign employees or consultants in the contractor-organisations. "If there is any restriction on payment of income tax from foreign funding, then it should be paid from the government funds," it added. Contractor-organisations will have to submit income tax returns on time and pay taxes if necessary, the report added.

An official source said the NBR had outlined the tax measures as per existing tax rules in income tax, VAT and customs laws. He said the tax measures could be relaxed in line with the government high-ups' instructions.

Source :: The Financial Express