Re-rolling mill owners demand 'zero' duty on raw materials
FE Report | Thursday, 12 June 2008
Steel and re-rolling mill owners on Wednesday demanded of the government to exempt their basic raw materials from import duty to help sustain growth of the sector.
They also called for removing discriminations in duty rates between raw materials and finished products help to protect the domestic steel industry.
The leader of the Bangladesh Re-rolling Mills Association, however, hailed the budgetary measures, including reduction in duty on raw materials for steel and re-rolling mills. This will help reduce the MS rod price in the market, they said.
The government should reconsider the import duty on basic raw materials and remove duty anomalies between raw materials and finished products in the budget for coming fiscal for the sake of the industry, they told a post-budget press conference held at DRU.
In the budget for 2008-09 fiscal, the government proposed for reducing import duty on basic raw materials from 10 per cent to 7 per cent.
Other demands put forward by the association include an equal rate of duty on import of melting scrap and ship scrap, fixing Tk 700 as import duty for MS scrap, fixing zero tariff on import of electric generator and revision of duty structure from different chemical items.
They also called for removing discriminations in duty rates between raw materials and finished products help to protect the domestic steel industry.
The leader of the Bangladesh Re-rolling Mills Association, however, hailed the budgetary measures, including reduction in duty on raw materials for steel and re-rolling mills. This will help reduce the MS rod price in the market, they said.
The government should reconsider the import duty on basic raw materials and remove duty anomalies between raw materials and finished products in the budget for coming fiscal for the sake of the industry, they told a post-budget press conference held at DRU.
In the budget for 2008-09 fiscal, the government proposed for reducing import duty on basic raw materials from 10 per cent to 7 per cent.
Other demands put forward by the association include an equal rate of duty on import of melting scrap and ship scrap, fixing Tk 700 as import duty for MS scrap, fixing zero tariff on import of electric generator and revision of duty structure from different chemical items.