Bangladeshi flag vessels exempted from tax conditionally

The proposed budget for fiscal 2022-23 has exempted the income earned in foreign exchange by ocean-going vessels carrying the Bangladeshi flag from paying tax until 2030.

But availing of this benefit will depend on the condition that the income must be brought to Bangladesh through the banking channel.

“By adopting these proposals, we will be able to establish service export as a potential export industry for earning foreign currency for the country,” said Finance Minister AHM Mustafa Kamal in his budget speech in the National Parliament on Thursday.