Withdrawal of taxes from drug raw materials demanded

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FE Report
Pharmaceutical sector has urged the government to withdraw taxes from raw materials required for production of vaccine, anti-cancer drug, insulin and birth control pills to help flourish local industry.
Import of those essential drugs is totally tax free while its raw materials are taxed, said Dr. M.A Malek Chowdhury, director industrial operations of Popular Pharmaceuticals Limited.
He requested the revenue board to waive tax on the raw materials as those drugs are also produced locally.
He made the proposals on behalf of Bangladesh Association of Pharmaceutical Industries (BAPI) at a pre-budget meeting Wednesday at the National Board of Revenue (NBR) premises in the city.
Entrepreneurs of printing and paper industries also held meetings with NBR chairman Dr. Nasiruddin Ahmed in the chair.
NBR chairman assured the drug manufacturers to prepare a list of raw materials for drugs in consultation with the drug administration department. He urged the BAPI to submit an updated list of products to review the existing list.
"We will study the possible impact of the tax exemption on the market. The government will review whether consumers are getting benefit of the tax exemption or not," he said.
BAPI representatives also sought waiver of 60 per cent supplementary duty (SD) and 20 per cent customs duty (CD) on import of eye-drop container, which is not produced locally.
Bangladesh Ayurbedic and Homeopathic Association has urged the NBR to continue to offer tax-benefit to the sector.