News Desk : dhakamirror.com
The Newspaper Owners Association of Bangladesh has demanded the withdrawal of taxes and duties on newsprint in the budget for the fiscal year 2023-24.
In a press release yesterday, Noab said it made the demands during a pre-budget discussion with the National Board of Revenue. The release mentioned that NBR Chairman Abu Hena Md Rahmatul Muneem promised to consider the demands.
The release, signed by Noab President AK Azad, said newspapers have become a struggling industry in the era of globalisation and digital media. Due to the pandemic, there has been a significant decline in newspaper circulation and advertisements, making it impossible to cover production costs with advertising income.
The statement mentioned that even a year and a half ago, the price of foreign newsprint was $570 a tonne when a dollar was worth Tk 85, but now it has risen to over $700 and a dollar is worth Tk 109.
Currently, newsprint is subject to a 5 percent import duty, along with an additional 15 percent VAT, 5 percent Advance Income Tax, and 5 percent Advance Tax and with costs of insurance, bank charges, and transportation fees added, the cost of newsprint becomes 30 percent more.
Given the state of the newspaper industry, it is crucial that these duties are withdrawn.
Noab also demanded that corporate tax on newspapers be set between 10 and 15 percent, and that raw materials be exempted from being taxed at source.
It believes that it is necessary to allocate a portion of government incentives to the newspaper industry in order to save it.
