Local entrepreneurs on Monday demanded that the National Board of Revenue should provide tax and duty benefits to local industries to protect them from uneven competition with imported finished goods. They also urged the revenue board to prevent under-invoicing and misdeclaration of products by the importers. At a pre-budget discussion, representatives from different manufacturing industries said that local industries were facing stiff competition against imported goods though those products were produced in the country.
Bangladesh Engineering Industry Owners Association demanded VAT exemption on investment on plants, machinery and equipments of cottage industries with an investment of Tk 40 lakh which is now Tk 60 lakh.
BEIOA president Abdur Razzak also demanded an increase in the amount of VAT-free turnover to Tk 1 crore from the existing Tk 60 lakh.
The association also wanted reduction of VAT to 3 per cent on light engineering sector from the existing 15 per cent.
It also sought duty and VAT exemption on import of some raw materials used in light engineering sectors.
Bangladesh Furniture Industries Owners Association president Selim H Rahman demanded withdrawal of duties on import of wood and reduction on some other raw materials and equipments including wood coating, MDF Board and sand papers to support the sector to tap export market.
Bangladesh Stainless Steel Pipe Manufacturing Association demanded reduction of import duty on raw materials to 5 per cent from the existing 10 per cent.
Representative of the association urged the NBR for preventing under-invoicing in import of finished goods which were hampering the local industries.
Bangladesh Adhesive Manufacturers Association demanded for rationalisation of duty structure between finished goods and
raw materials saying that in current duty structure the duty rate on raw materials is higher than finished goods which is hindering the growth of local industry.
At the meeting, NBR member Farid Uddin assured entrepreneurs that the revenue board would prevent under-invoicing and misdeclaration in import of finished goods to protect domestic industries.
In this regard, he said, manufacturers can help the NBR by providing information regarding under-invoicing and misdeclaration.
NBR members Syed Aminul Karim and Jahangir Hossain, among others, were present at the meeting.
-With New Age input
