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BREAKING NEWS:

Budget reaction

Duty discrimination to hit reconditioned car business

BARVIDA seeks friendly tax policy

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12th-Jun-2018       
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Special Correspondent  :
Leaders of the Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) on Sunday termed the proposed budget unfriendly to their business because it will discourage import of reconditioned car while it will facilitate import of low-quality new cars.
"The budget is unfriendly to our business as it has pursued a discriminatory tax policy in between the reconditioned and new cars," said BARVIDA President Habib Ullah Dawn while speaking at a press briefing in Dhaka.
For an example, he said, the customs duty of a Toyota Corolla AXIO reconditioned car (NZE161, CC-1500-2017) will be Tk 16,21,000 while it will be only Tk 9,30,000 for a Toyota HAVL (H2, CC-1500-2018) new car as per the tax proposals made in the proposed budget.
"This kind of tax policy will make our business difficult. We will lose market share after facing an uneven competition with the new car importers," said Habib Ullah Dawn.
He also said substandard new cars of neighbouring countries will flood in the local market taking the duty advantage.
"Middle-class people always prefer to buy reconditioned cars because they are economically viable. But they cannot efford new cars due their high prices. Considering the capacity of the middle class, the government should ease the duty discrimination," said Habib Ullah Dawn.
He, however, urged the government to formulate an integrated import and tax policies (for at least three years) for the sector considering interest of the growing middle-class and the old car dealers.    
Habib Ullah Dawn said, in the proposed budget for the fiscal year 2018-2019, the yearly depreciation on old cars has been reduced further by 5 per cent, which will also affect the sector.   He demanded the rate of depreciation up to 45 per cent on import of used cars and provide deprecation facility for one-year old vehicles.
The BARVIDA leader, however, welcomed the budgetary proposal that offers reduction of supplementary duty of 1600-1800 CC hybrid motor cars from 45 per cent to 20 per cent.
"This will encourage use of energy efficient and environment friendly means of transport in the country," he added.

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