The Cabinet has approved a proposal to provide duty and tax concessions on the import of machinery and equipment required for setting up renewable solar power plants.
Under the approved proposal, importers will be exempted for 180 days from customs duty exceeding 1%, regulatory duty, supplementary duty, value-added tax (VAT), advance tax and advance income tax. The facility will remain available for six months from the date of issuance of the relevant notification.
The decision was taken at a Cabinet meeting held at the Jatiya Sangsad Bhaban on Monday night, chaired by Prime Minister Tarique Rahman. The Cabinet Division announced the decisions in a press release.
The government expects the incentive to help accelerate solar power generation, reduce pressure caused by electricity shortages and support uninterrupted industrial production. It is also expected to lower production costs, minimize equipment damage and encourage investment and economic activity.
The Cabinet also approved a proposal to revise the notification on the minimum price of low-tier cigarettes, which will result in an increase in their prices.
