Dhaka, Sept. 16 -- The National Board of Revenue (NBR) has further cut the tax on imports of equipment and parts used for solar power generation to 1% to facilitate the expansion of renewable energy.

Under a notification issued Wednesday, importers will be exempted from customs duty above 1%, regulatory duty, supplementary duty, value-added tax (VAT), advance tax and advance income tax on specified solar power-related equipment and parts.

The facility will remain effective for 180 days from the date of issuance of the notification.

The NBR said the latest measure was taken against the backdrop of the global energy crisis and electricity shortages, with a view to expanding solar power generation rapidly.

In the national budget for the ...