Dhaka, Bangladesh
The Bangladesh
Textile Mills Association, Bangladesh Garment Manufacturers and Exporters
Association, and Bangladesh Knitwear Manufacturers and Exporters Association
have all written to the finance minister AHM Mustafa Kamal, requesting
duty-free import of the raw materials needed for their industry.
They have
demanded an equal 3% VAT for all kinds of yarns produced. They have further
written about reducing the import duty on spare parts of all the capital
machinery used by 1% when the next budget is planned for the year 2021-2022.
It is to be
noted that right now, only cotton fiber is applicable for duty-free imports.
Other fibers including wing cotton, Tencel, modal, spandex, and polyester all
incur import taxes in the country. The letter also added that there would be
newer types of fibers imported to the country owing to buyer demands and all
these should be eligible for duty-free imports too.
Source:
Newagebd
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