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Govt Likely to Remove Advance Tax on Fuel Oil Imports

Industry: Energy & Power, Oil & Petroleum

The government of Bangladesh is considering removing the 5% advance tax on fuel oil imports, including petroleum, crude, jet fuels, and furnace oils, in the upcoming budget for the fiscal year 2024. This move is aimed at alleviating the burden on consumers amid soaring inflation caused by the Russia-Ukraine war and global economic challenges. The National Board of Revenue (NBR) plans to withdraw the advance tax as part of its efforts to rationalize subsidies and reduce the government’s expenditure on fuel imports. The budget proposals are expected to include thirteen harmonized system (H.S) codes related to fuel oils used in various sectors. The government’s decision to remove the advance tax on fuel oil imports may help reduce the subsidy component of power and energy, as the government spends money on taxes during fuel imports. The budget is scheduled to be presented in the parliament on June 1, 2023.

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