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Call to reintroduce tax benefit for solar energy

Power Div turns to NBR seeking facility


FE Report | July 25, 2018 00:00:00


Power Division and stakeholders have requested the revenue board to reintroduce tax benefit for importing solar panels and cells to facilitate the use of renewable energy.

They have sought exemption from the payment of Value Added Tax (VAT), Advance Trade VAT (ATV) and other forms of taxes on the import of equipment for solar home systems.

In the budget for fiscal year (FY) 2018-19, the National Board of Revenue (NBR) imposed 15 per cent VAT and 5.0 per cent ATV on the import of photovoltaic cells.

It also imposed 15 per cent VAT on solar panels or modules.

In a recent letter, renewable energy wing, under the Power Division, said imposing taxes on the items will increase the cost of solar power.

Earlier on June 28, Sustainable and Renewable Energy Development Authority (SREDA) of the Power Division made identical request to the tax-collecting agency.

Solar panel importers and other stakeholders including the Bangladesh Solar and Renewable Energy Association have also sought the reintroduction of the tax benefit as was offered during the previous fiscal year.

They said the newly-imposed tax will also discourage people from using the solar home systems.

"The government has set a target of producing 2,000 megawatts (MWs) of power from renewable energy sources. It would be 10 per cent of total demand for power by 2020," the division wrote in the letter.

Solar power is considered to be the most potential source of renewable energy.

Around 12 per cent of the total population is getting electricity from 5.2 million solar home systems installed across the country.

In order to increase the production of electricity, the government is implementing a set of projects including solar irrigation, solar mini grid, solar rooftop projects, and large solar park.

Meanwhile, some 999 solar irrigation pumps, 15 mini-grid and 25 megawatts capacity solar rooftop have been installed in different places across the country.

NBR officials said they are actively considering the pleas.

They would take decision in line with the instruction of government high-ups.

doulot_akter@yahoo.com


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COMPANY YCP HIGH LOW CLOSE %CHG
NTLTUBES 110.0 121.0 111.6 119.8 8.9091%
FINEFOODS 35.5 39.0 34.8 38.4 8.169%
UPGDCL 304.9 331.5 305.0 324.4 6.3955%
REPUBLIC 28.4 30.4 29.0 30.0 5.6338%
STYLECRAFT 3512.7 3688.3 3570.9 3688.1 4.9933%
ICBAMCL2ND 6.6 7.0 6.5 6.9 4.5455%
ICBAGRANI1 6.9 7.2 7.2 7.2 4.3478%
NAHEEACP 80.6 85.9 80.8 83.8 3.9702%
ATLASBANG 127.0 133.0 127.0 131.0 3.1496%
PRAGATILIF 129.4 138.0 117.0 133.4 3.0912%
COMPANY YCP HIGH LOW CLOSE %CHG
FINEFOODS 38.8 39.0 34.8 36.0 7.7778%
NTLTUBES 119.0 121.0 111.6 112.5 5.7778%
UPGDCL 321.8 331.5 305.0 305.1 5.4736%
EBL1STMF 7.5 7.7 7.2 7.2 4.1667%
PREMIERCEM 77.7 77.7 75.1 75.1 3.4621%
ISLAMIINS 21.4 21.8 20.7 20.7 3.3816%
RELIANCE1 9.5 9.5 9.2 9.2 3.2609%
ATLASBANG 131.1 133.0 127.0 127.0 3.2283%
STYLECRAFT 3682.6 3688.3 3570.9 3571.0 3.1252%
ICBAMCL2ND 6.8 7.0 6.5 6.6 3.0303%
COMPANY YCP HIGH LOW CLOSE %CHG
ETL 15.0 13.0 9.9 10.4 -30.6667%
INTECH 66.8 67.0 60.2 60.5 -9.4311%
MLDYEING 22.8 23.5 20.8 20.9 -8.3333%
KPCL 130.9 131.6 118.0 121.0 -7.563%
VFSTDL 28.7 28.8 26.1 26.6 -7.3171%
PDL 18.1 18.0 16.5 16.8 -7.1823%
PRIMETEX 31.8 32.0 29.3 29.6 -6.9182%
POPULARLIF 119.4 120.0 110.0 111.3 -6.7839%
HRTEX 43.6 44.1 40.3 40.7 -6.6514%
SAFKOSPINN 21.1 21.6 19.5 19.7 -6.6351%
COMPANY YCP HIGH LOW CLOSE %CHG
ETL 10.5 13.0 9.9 13.0 -19.2308%
SHURWID 22.1 25.0 22.1 24.6 -10.1626%
INTECH 60.2 67.0 60.2 67.0 -10.1493%
CVOPRL 155.1 172.5 155.1 172.0 -9.8256%
KPCL 119.1 131.6 118.0 131.6 -9.4985%
MLDYEING 21.0 23.5 20.8 23.2 -9.4828%
SAFKOSPINN 19.7 21.6 19.5 21.5 -8.3721%
METROSPIN 8.3 9.0 8.3 9.0 -7.7778%
POPULARLIF 110.3 120.0 110.0 119.0 -7.3109%
VFSTDL 26.7 28.8 26.1 28.8 -7.2917%