Industrial raw materials should get import duty exemption, says Dilip
Wednesday, 24 November 2010
FE Report
Industrial raw materials should get import duty exemption to spur industrialisation and create employment in the country, industry minister Dilip Barua said on Tuesday.
"Industrialisation is not possible only by cheap labour unless easy access to capital and raw materials is ensured," the minister said adding that Bangladesh could become a middle income country if it put in place a tax and duty structure friendlier for industrialisation.
The minister was speaking at a discussion meeting on "Reformation of Tax System- Pre-requisite for Industrialisation and Employment" held in the city.
Earlier, speakers of the discussion panel demanded tax exemption for imported raw materials for all industry.
They also suggested creating more employment by increasing value addition in industrial production and expansion of tax net rather than raising tax limit.
"Most of the local manufacturing units have to import raw materials and pay high tax," TAM Nurul Bashar, president of Manufacturer's Association of Transformer and Switchgear (MATS) said.
The government should withdraw tax on imported raw materials for employment generation and smooth industrialisation as due to high import tax, many entrepreneurs fail to set up industry, he said while presenting his keynote paper.
Industrial raw materials should get import duty exemption to spur industrialisation and create employment in the country, industry minister Dilip Barua said on Tuesday.
"Industrialisation is not possible only by cheap labour unless easy access to capital and raw materials is ensured," the minister said adding that Bangladesh could become a middle income country if it put in place a tax and duty structure friendlier for industrialisation.
The minister was speaking at a discussion meeting on "Reformation of Tax System- Pre-requisite for Industrialisation and Employment" held in the city.
Earlier, speakers of the discussion panel demanded tax exemption for imported raw materials for all industry.
They also suggested creating more employment by increasing value addition in industrial production and expansion of tax net rather than raising tax limit.
"Most of the local manufacturing units have to import raw materials and pay high tax," TAM Nurul Bashar, president of Manufacturer's Association of Transformer and Switchgear (MATS) said.
The government should withdraw tax on imported raw materials for employment generation and smooth industrialisation as due to high import tax, many entrepreneurs fail to set up industry, he said while presenting his keynote paper.