• Suicidal deal with Indian company must be scrapped
  • A wake-up call
  • Make the JSC stipend meaningful
  • Our bodies, our selves
  • Mission unaccomplished
  • Leading women artists participate
  • Habib, Nancy entertain huge crowd
  • Chavez political heir takes over after rousing funeral
  • Bomb kills 5, wounds 28 in Peshawar
  • Changing platforms: the writersâ perspective
  • Mystic Inferno
  • Govt to revise import duty for raw material, capital machinery
  • BSEC moves to frame draft regulations on special tribunal
  • Permanent ICT demanded
  • Businessmen in Sylhet call for safety
  • Govt to revamp field admin
  • 31 AK-47s hauled in Mizoram
  • BNP to form bodies for 'public safety'
  • Admin too late to respond
  • Blood banks can serve only a third of patients
  • Resist Rampal power project
  • Ashraful, Mominul offer some hope
  • All is not lost yet for Tigers
HOME  BUSINESS
  
Print Friendly and PDF

Govt to revise import duty for raw material, capital machinery

Jasim Uddin

An employee works at a yarn mill in Narayanganj recently. The government is going to revise the import duty structure for industrial raw materials, capital machinery, intermediate and finished goods to promote industrialisation and protect local industries. â Sony RamanyAn employee works at a yarn mill in Narayanganj recently. The government is going to revise the import duty structure for industrial raw materials, capital machinery, intermediate and finished goods to promote industrialisation and protect local industries. â Sony Ramany

The government is going to revise the import duty structure for industrial raw materials, capital machinery, intermediate and finished goods to promote industrialisation and protect local industries, officials said.
A committee formed by the industries ministry in January has already identified more than 20 sectors for revising import duties, they said.
At its first meeting held last week, the committee headed by Bangladesh Tariff Commission chairman Shahab Ullah decided to seek opinions from the stakeholders of the sectors and hold meetings with them.
‘The committee will finalise the recommendations to be implemented in the upcoming budget for the fiscal year of the 2013-2014,’ a committee member told New Age on Monday.
Import duties may be increased for some sectors and sub-sectors while it may be decreased for some other sectors considering current and future prospects of those sectors, he said.
The committee will also consider some other issues such as ensuring revenue collection, value addition and impact on prices of products in the local market in recommending new duty structure, he said.
‘We will have to ensure that revenue collection is not hampered due to new tariff structure and entrepreneurs and consumers are also benefited,’ he said.
The sectors selected for revision of import duties are small, medium and large industries, automobiles and transport, rubber and plastic, bond and non-bond related export sectors, agriculture and poultry, oil and gas, food and beverage, cigarette, electric and electronics, construction, ceramics, pharmaceuticals, medical furniture and equipments, jute, textile and yarn, chemicals, paints, leather, cosmetics, toiletries, jewellery and paper.  
The committee will start holding meetings with the stakeholders of the sectors from the next week.
Representatives from finance, commerce and industries ministries, Board of Investment, Federation of Bangladesh Chambers of Commerce and Industry and National Board of Revenue are in the committee.
Officials of the industries ministry said that the committee would also assess possible losses of revenue because of the proposed revision of the import duty structure and determine the quantity of additional products needed to manufacture locally to meet up the revenue deficit.
It will also find out inconsistencies in the current tariff structure and recommend the ways to eliminate those, they said adding that the decision of duty reduction or addition for any sector would be taken after considering the overall situation of the sector.




Reader’s Comment

comments powered by Disqus
   

Govt to revise import duty for raw material, capital machinery

An employee works at a yarn mill in Narayanganj recently. The government is going to revise the import duty structure for industrial raw materials, capital machinery, intermediate and finished goods to promote industrialisation and protect local industries. â Sony Ramany
The government is going to revise the import duty structure for industrial raw materials, capital machinery, intermediate and finished goods to promote industrialisation and protect local industries, officials said. A committee formed by the industries... Full story

BSEC moves to frame draft regulations on special tribunal

The Bangladesh Securities and Exchange Commission has formed a four-member committee to prepare draft regulations for setting up a special tribunal to deal with securities-related cases. Full story

BGMEA polls today

The biennial elections of the Bangladesh Garment Manufacturers and Exporters Association will be held today to elect the trade bodyâs office bearers for the session 2013-14. Two panels â one of Shammilita Parishad led... Full story

Ruposhi Bangla renovation suspended till May 2014

A file photo shows Ruposhi Bangla Hotel in the capital. â New Age photo
Ruposhi Bangla Hotel has postponed its renovation plan until May 2014 which is likely to cost the hotel more than Tk 18 crore in paying compensation to the parties related with the project. Full story

Stocks extend bear run to 3rd week

Dhaka stocks plunged for the third week in last week as investors, discouraged by the ongoing political unrest across the country, went for sell-offs. DSEX, the benchmark general index of Dhaka Stock Exchange... Full story

BGMEA to prepare biometric database of workers

The Bangladesh Garments Manufacturers and Exporters Association on Saturday signed two separate memorandums of understanding with two IT farms to digitalize issuance process of the Certificate of Origin and to prepare... Full story

China data show uneven economic recovery

Customers shop at a supermarket in Shanghai on Friday. â Reuters photo
Chinaâs uneven economic recovery signals a looming dilemma for policymakers as official data released at the weekend showed inflation at a 10-month high in February while factory output and consumer spending were weaker than forecast. Full story

Fitch downgrades Italy with negative outlook

The international ratings agency Fitch said Friday it had downgraded Italyâs sovereign debt rating by one notch to âBBB+â from âA-â and added that the outlook was negative. Fitch pointed in particular to âthe inconclusive... Full story

Sturdy US job gains offer bright sign for economy

A construction worker performs labour at a residential building project in the China Basin area in San Francisco, California on Friday. â Reuters photo
US employers added a greater-than-expected 2,36,000 workers to their payrolls in February and the jobless rate fell to a four-year low, offering a bright signal on the economyâs health. The data from the Labour Department on Friday showed the... Full story

Googleâs star rises as Apple fades

Google has retaken the role of superstar of the tech sector with a stunning stock rally as rival Apple flounders. Google has hit fresh all-time highs in recent weeks, and closed Friday at $831.52, capping a nearly tenfold rise... Full story

US stocks surge higher

Wall Street spent the week hoping for record results, then cheering record results and, finally, asking itself how long the good times can last. By any calculation, this week was a banner occasion for equities. Full story

Khulna Power Company Ltd

Khulna Power Company Ltd was incorporated in Bangladesh on 15 October 1997 as a private limited company under the Company Act 1994. The company has converted into public limited company on 19 July 2009. Full story
  • Online Poll


    Do you think that the government has successfully brought back normalcy in public life after the January 5 elections?

    • Yes
    • No
    • No comment
    Ajax Loader