Withdraws AIT, reduces customs duty<\/strong>
\nThe government on Saturday passed the Finance Bill-2014, imposing one per cent surcharge on the prices of imported and locally-manufactured mobile phone sets and reducing taxes on the items at import stage.\u00a0The surcharge is titled \u2018information and telecommunication development surcharge\u2019.\u00a0The government withdrew 5 per cent advance income tax and reduced customs duty to 5 per cent from 10 per cent on import of mobile sets while 15 per cent value-added tax on the item will remain unchanged.
\nIn the finance bill placed by finance minister AMA Muhith in parliament on June 5 had proposed imposition of 15 per cent VAT and 5 per cent AIT. Earlier, importers had to pay 10 per cent customs duty on import of the product.
\nOfficials of the National Board of Revenue said that the government in the last moment decided to impose the surcharge to collect some fund from the item.
\nThey said the fund might be used in education and health sectors.
\nThe NBR will prepare a rule to collect ICT development surcharge, they said.
\nThey said that surcharge on imported mobile sets would be collected during collection of customs duty while that on locally-produced sets would be collected during collection of VAT.
\nThey said that the prices of mobile phone set both the imported and locally-produced might increase.<\/p>\n

-With New Age<\/strong> input<\/p>\n","protected":false},"excerpt":{"rendered":"

Withdraws AIT, reduces customs duty The government on Saturday passed the Finance Bill-2014, imposing one per cent surcharge on the prices of imported and locally-manufactured mobile phone sets and reducing taxes on the items at import stage.\u00a0The surcharge is titled \u2018information and telecommunication development surcharge\u2019.\u00a0The government withdrew 5 per cent advance income tax and reduced<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[4],"tags":[],"yoast_head":"\n