In a major policy shift aimed at enhancing Bangladesh`s maritime trade capabilities, the government has decided to waive the 7.5% Value Added Tax (VAT) on the import of sea-going vessels over 5,000 Deadweight Tonnage (DWT).

The decision was made during the weekly meeting of the Advisory Council, held at Chief Adviser’s Office, with Chief Adviser Professor Muhammad Yunus presiding over the session.

Disclosing the development at a press briefing at Foreign Service Academy, Chief Adviser’s Press Secretary Shafiqul Alam said the VAT exemption is expected to ease vessel procurement in both the public and private sectors, while also generating employment opportunities and boosting foreign exchange earnings.

"This move goes beyond business convenience," Alam said. "It is a strategic step to strengthen Bangladesh’s capacity in international trade."

The Council also discussed Bangladesh`s steadfast position on Palestine issue, with Foreign Affairs Adviser Md Touhid Hossain set to represent the country at the upcoming UN High-Level International Conference on the Peaceful Settlement of the Question of Palestine in New York.

He will also attend an OIC emergency meeting in Doha on September 15.

In addition, the Council reviewed the progress of various reform commissions, revealing that 51 recommendations have already been fully implemented, while 37 are in partial implementation and the rest are currently in progress.

Some politically sensitive recommendations will be addressed by a future elected government, the press secretary added.

Addressing public scepticism about the pace of reforms, Alam clarified, “There’s a perception that reforms are not happening, but in reality, each ministry is steadily pushing forward reforms; in banking, energy, revenue, labor and other key sectors.”

On labor sector reforms, he stated that many of the 82 recommendations of Labor Commission have already been implemented.

Further progress is expected following amendments to the labor law, in collaboration with International Labour Organization (ILO).

He also highlighted last year’s 18-point tripartite agreement as a major milestone, noting that worker wage increases have already been enforced under its provisions.

The briefing was also attended by Deputy Press Secretary Abul Kalam Azad Majumder.