Existing 4-tier duty to remain unchanged
Saturday, 12 June 2010
FE Report
The finance minister has proposed to keep the existing four-tier duty unchanged aiming to facilitate trade, supplying goods to consumers at a fair price and to promote domestic industries.
Current duty structure is 3.0 per cent for capital machinery, 5.0 per cent for basic raw materials, 12 per cent for intermediate goods and 25 per cent for finished goods.
With a view to keeping the prices within the reach of the general people, he has proposed to maintain the zero per cent customs duty rate on commodities like rice, wheat, onion, pulse, edible oil, seeds, fertiliser, medicine and cotton.
Considering the sudden exorbitant increase in the world price of milk powder, he has proposed to reduce import duty from 12 per cent to 5.0 per cent and withdraw 5.0 per cent regulatory duty on milk powder.
The finance minister has proposed to continue 5.0 per cent regulatory duty on import of finished products for another one year.
With a view to encouraging local paper manufacturing industry, the finance minister proposed to extend the customs duty and value added tax exemption facilities granted earlier to the import of de-inking chemical and waste paper respectively for another year.
He proposed to impose tariff value for the assessment of scratch card, optical frame (both metal and plastic) and cream cracker biscuit.
He has proposed to withdraw duty and taxes on various stationary items and communication equipment imported by the foreign airlines operating in Bangladesh for their own use.
The finance minister also proposed to simplify the baggage rules to facilitate clearance of the baggage of wage earners.
The finance minister has proposed to keep the existing four-tier duty unchanged aiming to facilitate trade, supplying goods to consumers at a fair price and to promote domestic industries.
Current duty structure is 3.0 per cent for capital machinery, 5.0 per cent for basic raw materials, 12 per cent for intermediate goods and 25 per cent for finished goods.
With a view to keeping the prices within the reach of the general people, he has proposed to maintain the zero per cent customs duty rate on commodities like rice, wheat, onion, pulse, edible oil, seeds, fertiliser, medicine and cotton.
Considering the sudden exorbitant increase in the world price of milk powder, he has proposed to reduce import duty from 12 per cent to 5.0 per cent and withdraw 5.0 per cent regulatory duty on milk powder.
The finance minister has proposed to continue 5.0 per cent regulatory duty on import of finished products for another one year.
With a view to encouraging local paper manufacturing industry, the finance minister proposed to extend the customs duty and value added tax exemption facilities granted earlier to the import of de-inking chemical and waste paper respectively for another year.
He proposed to impose tariff value for the assessment of scratch card, optical frame (both metal and plastic) and cream cracker biscuit.
He has proposed to withdraw duty and taxes on various stationary items and communication equipment imported by the foreign airlines operating in Bangladesh for their own use.
The finance minister also proposed to simplify the baggage rules to facilitate clearance of the baggage of wage earners.