Pre-budget meeting with NBR

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FE Report The country's agro-processing and poultry industries have demanded of the government to resolve tax discrepancy between finished goods and locally manufactured items to facilitate the growth of domestic industries. They have also demanded continuation of tax holiday facility for the poultry sector and withdrawal of 5.0 per cent advance tax on import of maize and supplementary duty on juice manufacture. The proposals came in a pre-budget discussion with the National Board of Revenue (NBR) Sunday. Agro-processing industries have also demanded withdrawal of VAT on milk powder and medicine for livestock. They also demanded merger of some HS codes to resolve confusion on import. The agro-processing industries have said power-tiller is used for agricultural purpose but it has to pay heavy duty. NBR officials assured the agricultural industries of taking necessary measures in this connection. They said power-tiller has multiple uses, so the NBR will try to separate HS codes for equipment used for agricultural purpose. Poultry sector has demanded tax holiday until 2025 to salvage local agricultural industries. Maize Association Secretary General Mizanul Huq said: "Production of maize has declined drastically. The industry will have to import 1.1 million tonnes of maize this year." He proposed that the NBR waive 5.0 per cent advance tax on import of maize. Poultry Association leaders said the industry has been severely hit by the bird flu. Half of the poultry industry already faced closure due to financial loss worth Tk 70-80 billion.