Bangla jute millers seek withdrawal of 2% source tax

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The Bangladesh Jute Mills Association (BJMA) recently requested the National Board of Revenue (NBR) to initiate steps to do away with the 2-per cent tax at source on raw jute to help the sector survive. India earlier imposed anti-dumping duty on the export of jute and jute goods but did not impose such duty on raw jute or others, BJMA said.

BJMA feels when the domestic market is awash with polythene bags and artificial packages, the imposition of such tax will accelerate the sector’s collapse.

The Bangladesh Jute Mills Association (BJMA) recently requested the National Board of Revenue (NBR) to initiate steps to do away with the 2-per cent tax at source on raw jute to help the sector survive. India earlier imposed anti-dumping duty on the export of jute and jute goods but did not impose such duty on raw jute or others, BJMA said.

According to the letter sent by BJMA to NBR, the price of Bangladesh jute products are higher in the global market because of this tax, resulting in the loss of competitiveness for jute items.

BJMA requested removal of the provision of presenting taxpayer’s identification number during raw jute trading, according to Bangladeshi media reports.

Bangladesh, which produces an estimated 7-8 million bales of raw jute every year, earned Tk 6.59 billion from its exports in fiscal 2021-22.

Fibre2Fashion News Desk (DS)


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