Used car prices rise after depreciation facility cut - Share market analysis of dhaka stock exchange, Bangladesh

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12 June, 2018 09:55 AM Source: New Age

Bangladesh Reconditioned Vehicles Importers and Dealers Association on Monday said that the price of all types of reconditioned vehicles, including hybrid ones, increased by Tk 1-4.5 lakh depending on its cylinder capacity as the government reduced yearly depreciation benefits by five percentage point in the proposed budget for the fiscal 2018-19.
‘Through this fiscal measure, the government has encouraged import of low quality new cars from third county, which is harmful for the environment,’ BARVIDA president Habib Ullah Dawn said at a post-budget press conference held at National Press Club in the capital.
He demanded that the rate of depreciation be kept unchanged up to 40 per cent on import of used cars and to formulate an acceptable duty policy for the reconditioned vehicles.
The BARVIDA president also demanded elimination of the existing discrimination in the duty structure between new and reconditioned vehicles through deducting 10 per cent of yellow book’s prices.
‘Bangladesh is going to become the dumping yard of low quality Indian vehicles. The proposed budget encouraged rich people but unfortunately there is no good news for the middle class people who want to be the owner of a quality car at an affordable price,’ Habib Ullah said.
He said that the government allowed deprecation facility for one-year-old vehicles but due to some inconsistencies in the SRO of National Board of Revenue importers were not getting the benefits.
Due to faulty SRO, the importers were failing to enjoy depreciation facility for one-year-old vehicles as the duty of the vehicles in 2017 was much higher than the duty of new cars, the BARVIDA president said.
Former BARVIDA presidents Abdul Hamid Sharif and Anwar Hossain, vice-president Md Raihan Azad, director Foysal Anam and Mohammad Habibur Rahman were present, among others, at the press conference. 

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