The government has decided to exempt the existing 7.5 percent Value Added Tax (VAT) on the import of sea-going vessels with a capacity of more than 5,000 Deadweight Tonnage (DWT).

The decision was taken at the weekly meeting of the Advisory Council held today at the Chief Adviser's Office (CAO) with Chief Adviser Professor Muhammad Yunus in the chair.

After the meeting, Chief Adviser's Press Secretary Shafiqul Alam disclosed this at a press briefing at the Foreign Service Academy this afternoon. 

"The Advisory Council believes that this tax exemption will facilitate vessel procurement in both the public and private sectors, open up new opportunities for foreign exchange earnings, and create employment," he said.

This is not just a measure for business convenience, but also a significant step to strengthen Bangladesh's capacity in international trade, the press secretary added.

He said the meeting also discussed Bangladesh's firm stance on the Palestine issue. 

"We have always maintained a clear position on the Palestinian cause," Shafiqul Alam said, adding, Foreign Affairs Adviser Md Touhid Hossain will present Bangladesh's position at the upcoming 'UN High-Level International Conference on the Peaceful Settlement of the Question of Palestine' in New York, and will also attend the OIC emergency meeting in Doha on September 15.

The progress of the Reform Commissions was also discussed in detail in the Advisory Council meeting, he said, adding, "So far, 51 recommendations have been implemented, 37 are partially under process to be implemented and the remaining ones are under implementation. Some recommendations are political in nature and will have to be carried out by an elected government."

Noting that there is a misconception that reforms are not taking place, the press secretary said, "In fact, every ministry is undertaking significant reforms steadily. Banking, energy, revenue, labor - almost every sector has undergone reforms, and the process is ongoing."

About the progress of the reforms in the labor sector, Shafiqul Alam said, "Many of the 82 recommendations of the Labor Commission have already been implemented. Once the labor law is amended, most of the remaining recommendations will also be implemented. Our Ministry of Labor is working closely with the ILO." 

"Last year's 18-point tripartite agreement was a major achievement, and under that agreement, the matter of wage increasing for workers has already been implemented."

Chief Adviser's Deputy Press Secretary Abul Kalam Azad Majumder was present at the briefing.