The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is set to place a total of 287 demands, including duty-free import of fire safety equipments for the apparel sector, reduction of customs duty on import of capital machineries and raw materials, for considering in the upcoming budget for the fiscal 2014-15.
The apex trade body will formally place their demands at a meeting of the National Consultative Committee of the NBR to be held today at a city hotel in presence of Finance Minister AMA Muhith.
During the meeting, FBCCI will urge the government to impose 1% duty on capital machineries and raw materials import, 3% for mid-level raw materials (not produced in the local market), 10% for mid-level raw materials produced in the local market and essential commodities and 25% for luxury products for the expansion of local industry, employment generation, for the protection of consumers rights and to increase productivity.
The apex trade body will also seek for withdrawing 2% import duty on gas generators and generator parts as it is much-needed for their uninterrupted production against the backdrop of the load shedding.
The FBCCI proposal, which was obtained by the Dhaka Tribune, noted that transformers should also be considered as capital machineries and thus should be covered under the Statuary Regulatory Order (SRO) for capital machineries for which payable custom duty is currently 2%.
The platform of the country’s businesses will request the government to ease the duty process and remove the complexities in colleting duties from the businessmen.
The FBCCI, in its proposal, also demands duty drawback for deemed export and easing the process of duty-draw back facilities as it would help local industries to beat the foreign competitors while supplying in national or government projects aided with foreign funds.
According to the proposal, the apex trade body will seek duty waivers from all kinds of materials including pre-fabricated building materials, machinery and energy efficient electric and compliant equipments to be used in establishing Garment Palli at Bausia in Munshigonj to make the sector eco-friendly, safe and compliance.
It will propose to reduce import duty to 10% from 25% on industrial raw materials as high import duty increases the production cost.
The FBBCCI will urge the government to lower duty to 3% from 10% for importing of trucks, pick-ups and truck chassis and to increase the import duty to 25% from 10% for tyre and tubes used for the bus and lorry.
To protect the spinning, weaving and dying, printing, finishing mills from any fire incident in the future, the FBCCI will ask for duty-free and tax free import of fire rated steel frame and steel doors.
For boosting the real estate and housing sector, the trade body will request the government to lower registration expense to 6.5% from 11.5% by resetting gain tax and stamp duty at 2% instead of 3%, registration fee at 2% instead of 4%.
To discourage imports, the trade body will request the government to hike import duty to 25% from 10% and to impose 40% supplementary tax on optical fire import as the country are now able to produce it.
The apex trade body in its proposal also urges the government to allow jewelers to import two kg gold and silver paying duty under the baggage rules, which allow a traveler to carry 200 gram gold paying TK150 for 11.664 gram each and Tk6 for same amount of silver.
