Importers seek 50% depreciation facility on reconditioned cars

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The Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) has sought 50 percent depreciation facility on import of reconditioned cars.

Currently, the depreciation rate on reconditioned vehicles is 30 percent.

The association made the demand at a pre-budget discussion with the National Board of Revenue (NBR) held at the NBR Bhaban in the capital's Agargaon area on Monday.

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.

Dawn said that the provision of providing maximum depreciation in the first year for any product is internationally accepted.

He proposed determining zero percent tariff for one year old reconditioned cars while 10 percent tariff for two years old cars, 20 percent for more than two years old cars, 30 percent for up to three years old, 40 percent for four years old and 50 percent for five years old cars.

He said if the government considers the proposals, car imports will be increased which will play an effective role to meet revenue targets.

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

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