The government has cut the motorcycle registration fees by half following a high demand of the two-wheelers.
As per an notification issued by Road Transport and Bridges Ministry on Tuesday, motorcycles of engine capacities of up to 100cc will cost Tk 2,000 to be registered which was Tk 4,200 earlier.
And the users have to pay Tk 3,000 for the motorcycles with capacity over 100cc which was earlier Tk5,600.
The order will be come into effective soon.
At present, some 10 brands of motorcycles are manufactured or assembled in Bangladesh, namely: Runner, Hero, Bajaj, Honda, TVS, Yamaha, Suzuki, Benelli, Zongshen, and Lifan.
The Honda Motor Company Ltd is jointly manufacturing motorcycles with the Bangladesh Steel and Engineering Corporation in the Abdul Monem Economic Zone.
About Tk8,000 crore has so far been invested in the sector, which provides direct or indirect jobs to about two lakh people, according to the BMAMA.
The motorcycle industry contributes around Tk2,000 crore in duty, tax, and VAT directly every year. Additionally, there is an opportunity to earn revenue of around Tk1,000 crore from registration fees.
Motorcycle sales leapt to about five lakh units in 2019 from 1.5 lakh in 2017 because of a cut in import duties and their use for ride-sharing services.