Businesses worried as zero-duty on textile machinery to go
Friday, 8 June 2007
FE Report
The budget proposal to withdraw the existing zero duty facility on import of textile machinery has irked the business leaders of the country's textile and clothing sectors.
They, however, hailed the government proposal to augment the cash incentive against export and bail out the cash-strapped Bangladesh Petroleum Corporation (BPC) through issuing government bonds, which will help the banking sector get rid of a huge debt burden.
In an immediate reaction to the proposed budget, the chairman of the FBCCI Standing Committee on textile and backward linkage industry, MA Awal, told the FE that the imposition of tax on textile machinery import would deal a blow to the country's growing textile sector.
The budget proposal to withdraw the existing zero duty facility on import of textile machinery has irked the business leaders of the country's textile and clothing sectors.
They, however, hailed the government proposal to augment the cash incentive against export and bail out the cash-strapped Bangladesh Petroleum Corporation (BPC) through issuing government bonds, which will help the banking sector get rid of a huge debt burden.
In an immediate reaction to the proposed budget, the chairman of the FBCCI Standing Committee on textile and backward linkage industry, MA Awal, told the FE that the imposition of tax on textile machinery import would deal a blow to the country's growing textile sector.