15% VAT on import of software proposed

Finance Minister AHM Mustafa Kamal has proposed to impose 25% customs duty and 15% VAT on the import of software.

While placing the budget in next fiscal year, the finance minister on Thursday said, “Though, 5% customs duty exists on few software products, majority of the software products attract 25% customs duty. To protect the domestic software industry and to prevent false declaration and duty evasion, I propose to impose 25% customs duty and 15% VAT on the import of software.”

GY