|Published : 20 Apr 2017, 22:03:56|
Plastic goods makers seek duty cut
The country's plastic product manufacturers have sought duty exemption on import of all kinds of machinery in the budget for the fiscal year (FY) 2017-18.
Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) recently put forward its proposal to the National Board of Revenue (NBR) for its incorporation in the next budget.
Plastic goods makers import different types of modern machinery. But the sector is facing tough competition in product pricing as they pay 1.0 per cent import duty and other taxes to import machinery.
They also demanded fixation of 3.0 per cent import duty on basic raw materials and 5.0 per cent on mid-level raw materials.
The association requested the authorities concerned to enhance import duty on overseas products such as Chinese and Indian ones. The country is self-sufficient in local plastic goods, they said.
They proposed imposing 25 per cent import duty as well as regulatory duty (RD), advance income tax (AIT), supplementary duty (SD), tariff and anti-dumping duty on imported plastic products. They also sought to raise the ceiling of taxable income from Tk 250,000 to Tk 300,000 in the next budget.
Bangladesh exports a significant number of plastic products including shopping bags, butcher bags, PVC pipes, polyethylene sheets, ballpoint pens, toothbrushes, toys etc.