The textile mill owners in Bangladesh are for importing all types of fibres, including recycled and manmade, in the upcoming fiscal year of 2023-24 without paying any duty, other taxes, and any non-tariff barriers.
The body of the textile mill owners in the country – the Bangladesh Textile Mills Association or BTMA, led by its President Mohammad Ali Khokon reportedly made a proposal in this regard during a recent meeting with the National Board of Revenue (NBR) even as it requested the NBR for removal of VAT on the collection of raw materials by the deemed exporters to produce recycled fibres and subsequently during the sale of the item to the local millers.
The BTMA further reportedly proposed exemption of VAT on fabrics manufactured from artificial fibres by power looms even as it underlined the provision of a 3 percent to 5 percent advance income tax levied on the import of machinery should be abolished and went on to add the 2 percent tax deducted on the payments of cotton purchased from the local sources should also be withdrawn.
