Govt to cut taxes on some essentials soon

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The government has decided to take new fiscal measures on taxation of few essential commodities shortly for price cuts during the month of Ramadan, as market has registered an upturn, reports UNB.
Commerce Minister Faruk Khan Thursday announced the decision, saying: "We will cut the taxes on few essential commodities to reduce the price of those items."
The commerce minister informed his business audience about the latest step while addressing a discussion meeting with traders at Karwan Bazar wholesale market, wherein situated is the biggest kitchen market in the capital.
Faruk hoped that the prices of edible oils, pulses, dates and sugar would take a downturn following the new fiscal measures on the taxation of essential commodities.
"There is no reason to increase the price of essential items as the government has taken all necessary steps to ensure adequate supply of these items in view of the high demand of consumers during the Ramadan," he said.
In his view the supply of the essential items was more than enough on the local market as the traders have imported huge amounts of essentials and the farmers produced enough this year.
Meanwhile, he said, the government is importing edible oils, sugar and other essentials through TCB which would hit the local market within a few days.
Faruk Khan also said the government could regain the trust of the traders through creating business-friendly environment such as automation of port and customs, reducing bank interest for essential commodities, rooting out extortion culture from the trading circles and smooth transportation system in the ferry terminals.
The minister urged the traders to create coordination between the wholesalers and retailers so that the price gap remains reasonable.
"The government doesn't want to control market. We are trying to keep the price stable in Ramadan," he added.
Faruk warned that the government would be compelled to take legal action against unscrupulous traders, if they do not take reasonable price from the consumers and go for capitalizing on high demand in the holy month.
He pointed out that a little instability has been prevailing on the market for last 15 days. But no reason for instability remains.
Faruk renewed his call for the traders to display price chart and keep cash memo given to the retailers so that accountability could be ensured to the consumers.
He said the government has a plan to publish everyday wholesale and retail prices of essential commodities in the media.
FBCCI president Annisul Huq said the price gap between the wholesale and retail levels is not normal in many places, like Karwan Bazar, although the gap between these two is of only 10 meters.
He called for forming a committee comprising retailers and wholesalers of Karwan Bazar to take effective measures against the unscrupulous traders.
The business leader urged the traders to control price through doing reasonable profit in the Ramadan so that the Muslim devotes get relief during the month of fasting and festivals.
Arot Malik BohuMukhi Samobaya Samity general secretary Abdul Mannan Master urged the government to give smooth transportation facilities for perishable items through smooth run of the loaded transport in entering the city.
Mannan said the price monitoring would be so easy if the culture of cash-memo is introduced by both retailers and wholesalers.
FBCCI vice-president Abul Kashem, FBCCI Bazar Monitoring Taskforce member Kamal Uddin Ahmed and Arat Babsayee Bohumukhi Samobaya Samity general secretary Omar Faruk, among others, addressed the meeting.