50pc depreciation likely on 6yr-old reconditioned vehicles | The Daily Star
12:00 AM, August 13, 2008 / LAST MODIFIED: 12:00 AM, August 13, 2008

50pc depreciation likely on 6yr-old reconditioned vehicles

The National Board of Revenue (NBR) is likely to fix the rate of depreciation at 50 percent on import of six years' old reconditioned vehicles.
“We didn't reach any concrete decision, but the rate might be 50 percent,” said a high official of the NBR, who is involved with the fixation of depreciation rate for reconditioned vehicles.
The concerned committee for the fixation of the depreciation rate had a meeting Tuesday, where the representative from the Bangladesh Reconditioned Vehicle Importers and Dealers Association (Barvida) attended on invitation.
The government through a statutory regulatory order (SRO) on August 6 allowed import of six-year-old reconditioned cars to make reconditioned cars affordable and also to reduce environmental pollution. Previously, only 4-year-old reconditioned vehicles were allowed for import into the country.
The SRO of the Commerce Ministry said reconditioned cars up to six years old could be imported from a third country for personal use.
The registration certificate and the registration cancellation certificate of a car, which were used in a particular country, would have to be submitted to the customs authorities in case of car import.
The government has also withdrawn the restriction on importing up to 1649cc cars. From now on, reconditioned vehicle importers will be able to import cars above 1649cc.
Reconditioned vehicle importers have long been demanding relaxation of the import policy. Bangladesh Road Transport Authority (BRTA) also agreed with the demand.

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