Market Digest

NBR exempts duty on raw materials import for corona test kit

Staff Correspondent

21 May, 2021 12:00 AM printer

National Board of Revenue (NBR) has announced duty exemption on import of raw materials for manufacturing RT-PCR test kit for detecting of coronavirus infection.

Officials of the revenue board said that the Director General of Drug Administration had already approved permission for producing RT-PCR test kit, virus transport medium (VTM) and other related items for two local manufacturers.

The duty exemption benefit on import of raw materials will slash the production cost and make the test kit cheaper, they said.

The benefit will remain applicable up to June 30 2022, according to the SRO signed by NBR chairman Abu Hena Md Rahmatul Muneem.

The customs wing of the revenue board on Wednesday issued a statutory regulatory order exempting all types of duties and taxes, including customs duty, regulatory duty, supplementary duty, value-added tax, advance tax and advance income tax on import of 16 types of raw materials required for production of RT-PCR test kit and related items.

The NBR also extended the duty benefits on import of personal protective equipment and raw materials for making such products up to June 30, 2022 as the benefit is set to expire on June 30, 2021, it said.