BJMA for raising cash subsidy on export of jute goods to 15pc
FE Report | Tuesday, 17 June 2008
The Bangladesh Jute Mills Association (BJMA) praised the finance adviser Mirza Azizul Islam for making the proposals for continuation of the existing export subsidy and disbursement of arrear subsidy in the budget for fiscal year 2008-09.
The association, however, mentioned that there is no indication in the proposed budget as to what extent of the allocated subsidy would be made available for the exports of jute goods.
The Chairman of the BJMA, Nazmul Huq, urged the government to raise the cash subsidy on export of jute goods to 15 per cent from the existing 7.5 per cent.
In a statement, the association also demanded of the government to waive the existing provision for deduction of a 5.0 per cent tax at source from the export subsidy.
The BJMA chairman also appreciated the government proposal for withdrawing the existing turnover tax, reducing the rate of tax rebate on import of capital machinery and spare parts to 3.0 per cent from 5.0 per cent and continuing the existing tax holiday facility in the proposed budget for FY 2008-09.
Mentioning that the next year's budget has proposed for offloading the shares of a good number of state-owned enterprises, Mr. Huq urged the government to take necessary steps so that the shares of government-run jute mills could be offloaded though the capital market.
Meanwhile, the BJMA chairman said the proposed budget lacks any specific guideline for the development of the country's labour-intensive jute sector, under which around 35 million people are involved directly and indirectly.
The association, however, mentioned that there is no indication in the proposed budget as to what extent of the allocated subsidy would be made available for the exports of jute goods.
The Chairman of the BJMA, Nazmul Huq, urged the government to raise the cash subsidy on export of jute goods to 15 per cent from the existing 7.5 per cent.
In a statement, the association also demanded of the government to waive the existing provision for deduction of a 5.0 per cent tax at source from the export subsidy.
The BJMA chairman also appreciated the government proposal for withdrawing the existing turnover tax, reducing the rate of tax rebate on import of capital machinery and spare parts to 3.0 per cent from 5.0 per cent and continuing the existing tax holiday facility in the proposed budget for FY 2008-09.
Mentioning that the next year's budget has proposed for offloading the shares of a good number of state-owned enterprises, Mr. Huq urged the government to take necessary steps so that the shares of government-run jute mills could be offloaded though the capital market.
Meanwhile, the BJMA chairman said the proposed budget lacks any specific guideline for the development of the country's labour-intensive jute sector, under which around 35 million people are involved directly and indirectly.