Withdrawal of VAT from repairing of engg products
Saturday, 19 June 2010
FE Report
Bangladesh Engineering Industry Owners' Association (BEIOA) Wednesday urged the government to withdraw VAT (value added tax) on repairing of engineering products.
Earlier, the caretaker government imposed a 15 per cent VAT on repairing of engineering products during its first budget for 2007-08 fiscal.
BEIOA president Abdur Razzaque told the FE: "Owners of workshops have been facing hardship to run their business since the introduction of this tax."
Currently, owners of small repairing shops have to pay Tk 30 for paying wages worth Tk 200 to their workers.
BEIOA president said: "This is not only creating corruption but also hurting the growth of skilled technicians in the country."
Mr Abdur Razaque said the government gets very poor amounts of money from this source saying: "Withdrawal of this VAT will help grow the light engineering and repairing shops in the country."
BEIOA also said the government should take measures to set up an SME Park in the country under public-private partnership.
The BEIOA hailed the budget for raising the ceiling of annual turnover for the cottage industry to Tk 6.0 million from Tk 4.0 million.
Bangladesh Engineering Industry Owners' Association (BEIOA) Wednesday urged the government to withdraw VAT (value added tax) on repairing of engineering products.
Earlier, the caretaker government imposed a 15 per cent VAT on repairing of engineering products during its first budget for 2007-08 fiscal.
BEIOA president Abdur Razzaque told the FE: "Owners of workshops have been facing hardship to run their business since the introduction of this tax."
Currently, owners of small repairing shops have to pay Tk 30 for paying wages worth Tk 200 to their workers.
BEIOA president said: "This is not only creating corruption but also hurting the growth of skilled technicians in the country."
Mr Abdur Razaque said the government gets very poor amounts of money from this source saying: "Withdrawal of this VAT will help grow the light engineering and repairing shops in the country."
BEIOA also said the government should take measures to set up an SME Park in the country under public-private partnership.
The BEIOA hailed the budget for raising the ceiling of annual turnover for the cottage industry to Tk 6.0 million from Tk 4.0 million.