The government on Thursday proposed offering a 1% import duty on 18 types of non-cotton fibre, down from 10%-31% to help the local textile millers to diversify their export basket.
“As per the recommendation of Bangladesh Textile Mills Association [BTMA], I propose to include some raw materials related to the import of machinery, spare parts and raw materials for the textile industry,” said Finance Minister AH Mahmood Ali.
He proposed increasing the minimum value of imported cotton from $3 to $4 per kg.
Ali also proposed increasing the minimum value of imported polyester and synthetic fabrics from $3 to $4.5 per kg.
Finance Minister Abul Hassan Mahmood Ali on Thursday unveiled a Tk797,000 crore proposed national budget for the 2024–25 fiscal year in the national parliament.