The Bangladesh Textile Mills Association (BTMA) today sought the scope to import all types of fibres, including recycled and manmade, in the upcoming fiscal year of 2023-24 without paying any duty and other taxes and any non-tariff barriers.
The association, led by its president Mohammad Ali Khokon, placed the proposals during a meeting with the National Board of Revenue (NBR) at the latter’s headquarters in the capital’s Agargaon.
The BTMA requested the NBR to remove the VAT slapped on the collection of raw materials by deemed exporters to produce recycled fibres and later during the sales of the item to local millers.
It proposed VAT exemption on the fabrics manufactured from artificial fibre by power looms.
The BTMA said the provision of a 3 per cent to 5 per cent advance income tax levied on the import of machinery should be abolished.
The 2 per cent tax deducted on the payments of cotton purchased from the local sources should be withdrawn, it said.
The association urged the NBR to reset a revised tariff value by taking into account the local production cost of fabrics and their international prices.
