Dhaka, May 4 -- Bangladesh will offer substantial tax breaks on imports of electric buses and trucks for commercial use, extending incentives beyond educational institutions.

The decision was approved at a cabinet meeting on Sunday, the Cabinet Division said in a statement.

Under the new policy, only 15 percent value added tax (VAT) will be charged on imports of new electric buses and trucks.

All other duties and taxes will be fully waived.

These include customs duty, regulatory duty, supplementary duty, advance tax and advance income tax.

According to the National Board of Revenue (NBR), import taxes on electric buses, cars and trucks currently range from 61.80 percent to 93.16 percent.

The new concession will remain in force until...