Bangladesh recently introduced the first-ever National Tariff Policy 2023 aimed at setting up a consistent tariff framework that encourages more domestic and foreign investments and enhancing the competitiveness of manufactured goods in the global market. The policy was approved by the cabinet on July 17.
The World Trade Organization (WTO) wing of the commerce ministry published a gazette notification to this effect.
This new policy is expected to drive sustainable economic growth by enhancing the competitive edge of domestic industries, broadening and diversifying exports, incentivizing investments and generating employment opportunities through trade liberalization and the rationalization of tariff structures.
Its implementation will be overseen by the Internal Resources Division and the National Board of Revenue (NBR), with support from the Bangladesh Trade and Tariff Commission.
NBR will formulate a time-bound action plan within six months of the gazette notification to harmonise the tariff regime in accordance with the policy.
A 16-member committee, headed by the commerce minister, will be formulated to implement the policy, according to domestic media reports.
The existing bond facilities will be made more transparent and simpler for export-oriented industries, the gazette said.
The policy will ensure greater transparency in the customs system by maintaining equitable duty and tax rates for similar products.
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