Dhaka, May 9 -- The National Board of Revenue (NBR) will no longer have the authority to grant tax exemptions in the industrial sector under a new proposal aligned with International Monetary Fund (IMF) conditions.

The proposal, set to take effect on the first day of the fiscal year 2025-26, will transfer this authority to parliament.

If parliament is not in session, the president will assume the power to approve such waivers.

The move has been outlined in the "Tax Expenditure Policy and its Management Framework", published by the NBR on Wednesday.

The revenue authority has also said it will take steps to incorporate relevant provisions into the Finance Bill to give the framework legal backing.

Officials said since the parliament is ...