Bangladesh Textile Mills Association (BTMA) recently pressed the government for the removal of tax on the import of man-made fiber (MMF) and decrease of VAT on the trades of the MMF in the domestic markets. As the consumption of artificial raw material is rising globally, says BTMA.
At present, textile spinners can get duty-free imports in only 4 types of the man-made fiber after receiving certification from BTMA. Whereas, millers import 21 more ranges of MMF after paying taxes.
Recently, BTMA President Mohammad Ali Khokon met Abu Hena Md Rahmatul Muneem, Chairman of the National Board of Revenue (NBR) – and submitted the proposals to NBR for incorporation in the budget for the upcoming fiscal year of 2022-23 – at the NBR’s office in Dhaka.
Khokon also demanded reducing value-added tax on the sale of per kg MMF yarn to BDT3 from BDT6 now as textile millers also pay BDT3 on the sale of cotton yarn.
The textile millers also pleaded with the govt. to set 1% import duty on spare parts for textile mills.
BTMA said, “The govt. should also continue the 15% income tax on textile production up to 2030.”
BTMA President also urged the govt. to withdraw imposed 2% tax on buying cotton from the domestic markets as spinners turn to the local market during any scarcity.
The BTMA recommended removing the 15% VAT on the sales of pet chip textile as the use of synthetic fiber and yarn is growing in Bangladesh.
Khokon also demanded reducing value-added tax on the sale of per kg MMF yarn to BDT3 from BDT6 now as textile millers also pay BDT3 on the sale of cotton yarn.
The textile millers also pleaded with the govt. to set 1% import duty on spare parts for textile mills.
BTMA said, “The govt. should also continue the 15% income tax on textile production up to 2030.”
BTMA President also urged the govt. to withdraw imposed 2% tax on buying cotton from the domestic markets as spinners turn to the local market during any scarcity.
The BTMA recommended removing the 15% VAT on the sales of pet chip textile as the use of synthetic fiber and yarn is growing in Bangladesh.
