The National Board of Revenue (NBR) has decided to reduce the VAT rate for hotels and restaurants from 15% to 5%. This decision, confirmed by NBR Member Mohammad Belal Hossain Chowdhury, will be officially announced today. The NBR’s move follows a review of the Bangladesh Restaurant Owners Association’s appeal. Earlier, the VAT on restaurants had been raised to 15% from 5% on January 9, alongside VAT hikes on over 100 goods and services.

The National Board of Revenue (NBR) has announced that starting February 1, 2025, all certificates, licenses, and permits for import-export goods must be submitted through the Bangladesh Single Window system, replacing traditional paper certificates. This change, impacting seven key government institutions, aims to streamline customs procedures, reduce costs, and prevent customs evasion. The system will be fully operational by March 2025, covering 19 government agencies. This initiative supports Bangladesh’s commitment to the WTO’s Trade Facilitation Agreement, ensuring a more efficient and faster import-export process for businesses.

The Indian rupee has reached its lowest level in two years, depreciating 0.7% in a single day to 86.7550 against the US dollar. Since December, the rupee’s value has dropped by 2%, driven by India’s slow economic growth and expectations of an interest rate cut by the central bank in February. Analysts predict further depreciation unless significant interventions are made. The decline has also strained the central bank’s reserves, highlighting broader economic challenges.

The interim government has approved a 3% hike in supplementary duty on mobile services, raising it from 20% to 23%. This increase will further reduce the value of mobile recharges, leaving users with only 43.7 BDT worth of service per 100 BDT recharge. The move has sparked criticism from consumer rights groups, citing rising costs as a barrier to internet accessibility and technological progress. Mobile and internet subscriber numbers have already declined significantly due to escalating costs.