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The government has approved a proposal offering extensive duty and tax exemptions for a period of six months on the import of machinery and equipment needed to set up renewable solar power plants.
The approval was granted on Monday (September 7) at a Cabinet meeting chaired by Prime Minister Tarique Rahman, held in the Cabinet Room of the National Parliament Building. The decision was confirmed in a press release issued by the Cabinet Division following the meeting.
Under the approved framework, for 180 days (six months) starting from the date of the official gazette notification, imports of machinery and spare parts designated for setting up renewable solar power plants will be exempt from any customs duty exceeding 1 percent, as well as entirely exempt from regulatory duty, supplementary duty, Value Added Tax (VAT), advance tax (AT), and advance income tax (AIT).
The Internal Resources Division (IRD) submitted the proposal to the Cabinet for the issuance of the regulatory notification.
According to the official release, the tariff concessions aim to fast-track the expansion of domestic solar power generation capacity, helping bridge the electricity supply gap and alleviate public hardships caused by power shortages. The government also expects the move to sustain uninterrupted industrial production, reduce operational expenses, curb equipment damage caused by power outages, and stimulate fresh investment across the broader economy.
https://thedailyexpress.news/news/business/1f1aaddd-9e34-62c0-a1ac-c7551738fc28