A file photo shows workers manufacturing Internet of Things-based water management system at a factory in Hi-Tech Park at Kaliakoir in Gazipur. Local electronics, mobile phone and computer manufacturers and related backward linkage businesses on Sunday demanded that the government cut rates of customs duty and value-added tax for the sectors to lower their production costs to promote the economy in the post-graduation period. — New Age photo
Local electronics, mobile phone and computer manufacturers and related backward linkage businesses on Sunday demanded that the government cut rates of customs duty and value-added tax for the sectors to lower their production costs to promote the economy in the post-graduation period.
The internet and software service business demanded extending the tenure of the existing tax exemption facility for the sectors till 2030 to boost the sectors so that they make a contribution to achieving the value addition target of the economy.
At a pre-budget discussion with the National Board of Revenue, the businesses presented the demands to strengthen the competitiveness capabilities of the sectors to explore the export baskets.
NBR chairman Abu Hena Md Rahmatul Muneem chaired the pre-budget discussion.
He said that the government had already offered several fiscal supports for the sectors and would extend the facilities with the aim of promoting the sectors to extend the export basket.
He also suggested that the businesses should improve their product quality to meet both local market and export demand.
Leaders of the local mobile phone manufacturers demanded continuation of the customs duty relaxation facilities on import of mobile phone parts in the budget for the forthcoming fiscal year of 2022-23.
They said that the industry had already covered 80 per cent smartphone market share of the country.
Electrical merchandise manufacturers demanded reducing the customs duty, supplementary duty and regulatory duty on import of urea resins, thiourea resins which are the common elements to produce electric switch, socket, lamp holders and others.
They demanded a 5-per cent duty against the existing 15 per cent and also suggested the revenue authority to increase duty on import of electric switch, socket, lamp holders and other goods which is now 15 per cent.
Leaders of the Bangladesh Electrical Associations said as the backward linkage industry they wanted a reduction in VAT to 5 per cent from the existing rate on automatic circuit breakers, LED tube and bulb, fan motors and capacitors, aluminium shit, bearings and others.
They also urged for introducing a separate HS code for industrial use push button switches.
Leaders of the refrigeration and air condition merchants requested to extend the existing fiscal supports and demanded reducing the 58.60 per cent customs duty on lock ring of the refrigerator and air condition.
They also demanded updating the several SROs which offer customs facility on import of the products like electric control panel board, colour masterbatch, ultra-clear glass and hot rolled steel and others.
Local TV manufacturers demanded reducing customs duty from existing 25 per cent to 10 per cent on import of the LED TV equipment like cabinet, printed circuit board and tempered glass.
Bangladesh Electrical, Electronics and Home Appliances Manufacturer and Exporters urged to include a number of home, kitchen and electrical appliances products on SRO no 114 which was issued on May 14, 2021 to offer customs facilities for the industry.
Local computer manufacturers and exporters urged to update section 47 of the VAT and supplementary duty Act 2012.
Bangladesh Association of Software and Information Service leaders demanded extending the tax exemption facilities till 2030, which are scheduled to expire in 2024 to achieve the export target.
They said software as a product had already crossed the export target of Tk 1.3 billion.
They also demanded inclusion of the software, information technology and internet services under the Information Technology Enabled Services policy.
They also urged withdrawal of the VAT on local services and duty exemption on import of the cyber security equipment.
BASIS also urged for allowing the digital financial services to offer their customers 2 or 3 per cent cash incentive facilities to promote the cashless fund transaction facilities.
Internet service provider leaders demanded a reduction in the tax and duties on import of the equipment that was used as service like router, switch, OLT, ONU, fibre optic cable and others.
They also demand VAT exemption on the services.
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Editor: Nurul Kabir , Published by the Chairman, Editorial Board ASM Shahidullah Khan on behalf of Media New Age Ltd. Hamid Plaza (4th floor), 300/5/A/1, Bir Uttam CR Datta Road, Hatirpool, Dhaka-1205. PABX: +8802-9632245-48. Fax: +8802-9632250, E-mail: [email protected]
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