FE Report
The Bangladesh Jute Spinners Association (BJSA) has appealed to the National Board of Revenue (NBR) for reviewing some of the duty enhancements that have been proposed in the national budget for the fiscal year (FY) 2007-08.
Among the proposals, the association urged the NBR Chairman Badiur Rahman to refix the duty slabs at 5.0 per cent, 12 per cent and 25 per cent instead of proposed 10 per cent, 15 per cent and 25 per cent respectively.
The proposed tariff will push up the cost of production in the local jute spinning mills, thus adding more financial burden, the BJSA President Sabbir Yusuf mentioned in the proposals.
The Association also warned that the proposed enhancement of customs duty (CD) on imports of jute or textile machinery to 10 per cent from the existing zero per cent would create a negative impact on the sectors' growth.
Considering the situation, it urged the NBR to keep the CD on jute and textile machinery at the existing zero per cent.
Besides, the BJSA demanded exemption of value added tax (VAT) from the production level of jute goods and withdrawal of the provision for deduction of 5.0 per cent income tax at source from the export subsidy provided by the government.
Jute spinners' plea to review some duty hikes in budget
FE Team | Published: June 22, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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