Withdrawal of 0.5pc turnover tax against frozen food exports urged
Tuesday, 5 June 2007
FE Report
Bangladesh Frozen Foods Exporters Association (BFFEA) has demanded withdrawal of 0.5 per cent turnover tax against the export of frozen foods and shrimps in the budget for fiscal 2007-08.
It also requested the government not to cut 5.0 per cent tax at source from the cash incentives offered to the exporters.
The BFFEA recently placed the proposals to the finance adviser for consideration in the upcoming budget for fiscal 2007-08.
Only 50 out of 145 frozen foods industries have been exporting their products. The rest of the industries are now closed due to liquidity crisis.
The frozen foods exporters claimed that they were facing constraints to remain competitive in the international market due to such burden of taxes.
The frozen food is the second largest export-earning sector of the country that fetched US$ 459 million through exports in fiscal 2005-06.
The exporters said they will be able to surpass the target of $ 495 million in the current fiscal due to rising demands of their products in the international market.
Bangladesh Frozen Foods Exporters Association (BFFEA) has demanded withdrawal of 0.5 per cent turnover tax against the export of frozen foods and shrimps in the budget for fiscal 2007-08.
It also requested the government not to cut 5.0 per cent tax at source from the cash incentives offered to the exporters.
The BFFEA recently placed the proposals to the finance adviser for consideration in the upcoming budget for fiscal 2007-08.
Only 50 out of 145 frozen foods industries have been exporting their products. The rest of the industries are now closed due to liquidity crisis.
The frozen foods exporters claimed that they were facing constraints to remain competitive in the international market due to such burden of taxes.
The frozen food is the second largest export-earning sector of the country that fetched US$ 459 million through exports in fiscal 2005-06.
The exporters said they will be able to surpass the target of $ 495 million in the current fiscal due to rising demands of their products in the international market.