Finance minister AMA Muhith Thursday proposed reducing duty on import of hybrid vehicles for the upcoming fiscal year (FY) 2017-18. "I would like to propose in this august parliament to reduce the duty on import of hybrid vehicles," he said in his budget speech. He also said, "We have long been providing duty benefit to hybrid. But this vehicle has not become popular in this country. Considering its high price, I am proposing re-fixing its duty rates." The new budget also proposed an increase in depreciation facilities for import of reconditioned motor vehicles to one year from existing six months. The CC slabs for reconditioned cars were also restructured by introducing a new one from 1500cc to 1600cc in the budget proposal for FY 2017-18. Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) general secretary Mohammad Habibur Rahman welcomed the proposal for reducing duty on hybrid vehicles.
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Source: The Financial Express