Bangladesh SME sector demands bonded warehouse facility

Staff Correspondent | Published: 00:00, Apr 24,2019 | Updated: 22:11, Apr 23,2019

 
 

Small and medium enterprises on Tuesday demanded bonded warehouse facility, like readymade garment sector, for import of duty-free raw materials to facilitate export diversification.
At a pre-budget meeting with National Board of Revenue, they said that equal facility to all exporters like RMG would also boost export earnings as well as industrialisation in the country.
Small and Medium Enterprises (SME) Foundation adviser Md Shahabuddin placed the proposals to NBR.
He demanded reduction of import duties on spare parts and raw materials of agricultural machinery.
He also demanded waiver on payment of AIT at import stage, withdrawal of 35 per cent corporate tax on plastic recycling industry, offer tax holiday for new SME entrepreneurs and reduction in corporate tax rate to 15 per cent for all exporters.
At the meeting, Bangladesh Agricultural Machinery Merchant Association president Khandaker Moinur Rahman demanded reduction in advance income tax to 2 per cent from current 5 per cent on import of agricultural machinery.
Bangladesh Tea Association chairman M Shah Alam demanded continuation of high duty rate on import of black tea to check import of cheap and substandard tea.
Bangladesh Agro-Processors’ Association demanded reduction of corporate income tax rate to the level of poultry, fish feed and dairy product sectors from current 35 per cent.
BAPA president AFM Fakhrul Islam Munshi sought bank loans at single digit interest rate for the sector.
Bangladesh Jewellers’ Samity (BAJUS) demanded swift enforcement of the Gold Policy 2018 so that they could import the precious metal.
BAJUS vice-president Enamul Haque Khan requested the government for extension of deadline for making declaration on their stock of gold by three months from current deadline of May 8 set in the policy.
NBR chairman Md Mosharraf Hossain Bhuiyan said that they would extend the deadline as the policy could not be enforced before enactment of Finance Act-2019.
Agricultural Machinery Manufacturers Association, Bangladesh president Alimul Ehsan Chowdhury, Feed Industries Association of Bangladesh (FIAB) president Ihtesham B Shahjahan, Bangladesh Bread, Biscuit and Confectionary Manufacturers Association president Md Jalal Uddin, Bangladesh Auto Biscuit and Bread Manufacturers Association president Md Shafiqur Rahman Bhuiyan, among others, spoke at the meeting.

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