Local refrigerator manufacturers and assemblers have demanded of the National Board of Revenue to increase the tariff value of imported refrigerators to encourage them investing in developing domestic market. It would help increase the duties on the imported refrigerators.
They want the tariff value should be set at US$1 per litre for two-door refrigerators while it should be US$1.50 for three-door and display panel refrigerators. The existing rate is US$0.75 and US$ 1.20 respectively.
Leaders from Bangladesh Refrigerator Manufacturers Association made the demand at a meeting with NBR officials at its headquarters in Dhaka yesterday.
Presiding over the meeting, BRMA Secretary General Lokman Hossain Akash said the country’s four refrigerator manufacturing companies have the capacity to produce 22 lakh refrigerators annually against the domestic demand for 8 lakh only.
Among the four, Walton High-Tech Industries Limited manufactures 14 lakh, Jamuna Electronics and Automobiles Company Ltd three lakh, Butterfly Manufacturing Company Ltd two lakh and RFL Electronics Ltd three lakh refrigerators annually.
They said the price of imported products is much higher than the actual prices, and therefore, they requested the NBR officials to take a long term policy and impose more duty on the imported ones to encourage the local manufacturers.
Meanwhile, Bangladesh Electronic Merchants Association said the minimum taxable price on imported refrigerators should not exceed US$0.60 per liter.
“Now, imported refrigerator requires 108% import duties while local manufacturers pay only 14%. That means there is a huge gap of 94% between the two that needs to be rationalised. According to industrial policy of Bangladesh, the difference of duties is 24%,” said association president Sana Ullah Shahid.