Hi-tech Park Developers get zero duty privilege on imports

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To help grow the prospect of IT in the country, the National Board of Revenue has provided a zero-duty privilege to the developers of hi-tech parks for importing the required materials need to construct the zones. However, this opportunity is only restricted to items which are approved by the Bangladesh Hi-Tech Park Authority.

Construction materials such as mild steel rod, iron or steel sheets, which are easily available in the country, will remain beyond the purview.

These are not the only items that will be left out of this privilege list. Other materials that are not directly associated with the development of the parks, such as air conditioners, vehicles, office equipment, home appliances, etc. will be left out of the list as well.

This announcement was made by the NRB last week. This decision comes after the tax administrator offered a similar privilege to the investors in the hi-tech parks, in an attempt to attract more investments and create job opportunities for the youth.

Work is already on going at two of the six approved projects by the hi-tech park authority in Kaliakoir and Jessore. In addition to this, the government also plans to construct 13 more parks in various districts across the country to help promote development of IT and IT enabled services.

There is great potential in the IT services industry which employs more than 20,000 people who are young, well trained, and fluent in English, mentioned the stakeholders.

It is expected that the zones will be able to create an excess of 10 lakh jobs and significantly increase earnings obtained from exports. According to data from the government, Bangladesh currently earns $132 million from IT exports and IT-enabled services. It is claimed from the government that the exports of IT services could reach a staggering $1 billion by 2018.

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