Realtors urge govt not to impose VAT on steel products
Sunday, 19 April 2009
FE Report
The country's realtors and construction association Saturday urged the government not to impose value added tax (VAT) and raise import duty on steel products.
Bangladesh Association of Construction Industry (BACI) and the Real Estate and Housing Association of Bangladesh (REHAB) in separate statements made the appeal to the government.
On the other hand, the country's rod manufacturers met with the industry minister Dilip Barua at his office in the city on April 13 urging him to slap 15 per cent VAT and raise import duty to 12 per cent on the import of finished steel products to save local re-rolling mills.
However, REHAB and BACI in their statements said the construction cost has risen sharply following the hike in the prices of rod saying the import of the material will ensure stability in the steel market.
Currently, there is no VAT and only a 7.0 per cent import duty is imposed on MS rod.
In 2008, when prices of MS rod soared, the government withdrew 15 per cent VAT and reduced import duty to 7.0 per cent from 25 per cent on it.
The country's realtors and construction association Saturday urged the government not to impose value added tax (VAT) and raise import duty on steel products.
Bangladesh Association of Construction Industry (BACI) and the Real Estate and Housing Association of Bangladesh (REHAB) in separate statements made the appeal to the government.
On the other hand, the country's rod manufacturers met with the industry minister Dilip Barua at his office in the city on April 13 urging him to slap 15 per cent VAT and raise import duty to 12 per cent on the import of finished steel products to save local re-rolling mills.
However, REHAB and BACI in their statements said the construction cost has risen sharply following the hike in the prices of rod saying the import of the material will ensure stability in the steel market.
Currently, there is no VAT and only a 7.0 per cent import duty is imposed on MS rod.
In 2008, when prices of MS rod soared, the government withdrew 15 per cent VAT and reduced import duty to 7.0 per cent from 25 per cent on it.