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BANGLADESH: Purchase of Older Vessels to be VAT-Exempt in Bid to Boost Local Shipping Sector

The purchase of ships that are up to 22-years old is now to be VAT-exempt. Previously, VAT was payable whenever a ship built more than 15 years ago was acquired. The move has been made in order to allow domestic shipping firms to compete more effectively for import/export freight business, with 98% of all such activity in this US$8-9 billion sector currently conducted by overseas operators.

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