Continuation of tax holiday facilities demanded
Monday, 14 March 2011
FE Report
The country's textile, jute and yarn association leaders Sunday demanded continuation of tax holiday facilities, withdrawal of duty on capital machinery for export-oriented industry and reduction of tax on cash subsidy. Local manufacturers and exporters have sought tax holiday facilities until 2015 which is scheduled to expire in June, 2011. They have made these proposals at a pre-budget discussion with the National Board of Revenue (NBR). Bangladesh Textile Mills Association (BTMA) President Jahangir Alamin urged the NBR to continue the tax holiday facilities to help local industries survive claiming that the textile manufacturers have utilised the tax holiday facilities properly. He also urged the government to increase cash subsidy from 5.0 per cent to 15 per cent for the sector and reduce income tax on cash subsidies. Bangladesh Jute Mills Association (BJMA) Chairman Nazmul Haq also demanded of the government to double cash subsidies. He sought clear directives of the government on deduction of income tax on cash subsidies that the government provides to make the sector competitive in the international market. "There is no specific direction in the finance bill on deduction of income tax on cash subsidies for exporters," he said. Bangladesh Grey and Finished Fabrics Mills and Exporters Association president and chairman of Asian Group Harun-ur-Rashid sought tax benefit for 100 per cent export-oriented textile industries on import of capital machinery and spare parts. Silk Manufacturers and Exporters Association President Alauddin Ahmad urged the NBR not to impose any duty on import of raw materials. Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Director Abdul Haq, former adviser to the caretaker government Tapan Chowdhury, Bangladesh Jute Spinning Association Vice-President Shams-uz-Zoha, Bangladesh Glitter and Glitter Yarn Manufacturers Association President Gazi AZM Shamim and a representative of Bangladesh Textile Dyeing and Printing Industries Association attended the meeting.
The country's textile, jute and yarn association leaders Sunday demanded continuation of tax holiday facilities, withdrawal of duty on capital machinery for export-oriented industry and reduction of tax on cash subsidy. Local manufacturers and exporters have sought tax holiday facilities until 2015 which is scheduled to expire in June, 2011. They have made these proposals at a pre-budget discussion with the National Board of Revenue (NBR). Bangladesh Textile Mills Association (BTMA) President Jahangir Alamin urged the NBR to continue the tax holiday facilities to help local industries survive claiming that the textile manufacturers have utilised the tax holiday facilities properly. He also urged the government to increase cash subsidy from 5.0 per cent to 15 per cent for the sector and reduce income tax on cash subsidies. Bangladesh Jute Mills Association (BJMA) Chairman Nazmul Haq also demanded of the government to double cash subsidies. He sought clear directives of the government on deduction of income tax on cash subsidies that the government provides to make the sector competitive in the international market. "There is no specific direction in the finance bill on deduction of income tax on cash subsidies for exporters," he said. Bangladesh Grey and Finished Fabrics Mills and Exporters Association president and chairman of Asian Group Harun-ur-Rashid sought tax benefit for 100 per cent export-oriented textile industries on import of capital machinery and spare parts. Silk Manufacturers and Exporters Association President Alauddin Ahmad urged the NBR not to impose any duty on import of raw materials. Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Director Abdul Haq, former adviser to the caretaker government Tapan Chowdhury, Bangladesh Jute Spinning Association Vice-President Shams-uz-Zoha, Bangladesh Glitter and Glitter Yarn Manufacturers Association President Gazi AZM Shamim and a representative of Bangladesh Textile Dyeing and Printing Industries Association attended the meeting.