• Saturday, Jul 31, 2021
  • Last Update : 08:32 pm

Plastic goods manufacturers demand withdrawal of VAT

  • Published at 07:11 pm June 7th, 2021
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They sought withdrawal of 15% VAT from locally made plastic toys

Local manufacturers of plastic products have placed a four-point list of demands including withdrawal of value added tax (VAT) on their purchase of raw materials to facilitate their business in the country.

Addressing a press conference, leaders of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) said the local plastic goods producers collect used plastic from local sources as raw materials to manufacture their finished products which are used by people from all strata in rural and urban areas.

“But the VAT waiver was withdrawn in the 2017-18 fiscal year from the plastics goods, which are mainly used as crockeries items by the poor and low-income people. So, we demand the withdrawal of VAT for next five years to reduce the product cost,” said Shamim Ahmed, president of the BPGMEA, at the press conference at the organisation's office in the city on Monday.

He also sought withdrawal of 15% VAT from locally made plastic toys, provision for tax holidays, reducing the source tax to 0.25% and fixing corporate tax at 10% for all business sectors.

The BPGMEA also demanded raising the upper-limit of tax-free turnover to Tk5 crore from the existing Tk1.5 crore along with reducing the tax regime to 3% from the existing 4%, and giving waiver to 3% advance income tax considering the Covid-19 situation.

Shamim Ahmed urged the government to allocate funds for plastic garbage recycling management saying that the country now produces 400 million tonnes of plastic goods which will reach 800 million tonnes by 2025.

“But there is no substantive initiative for management of the recycling of used plastic goods. It is so important from a health-safety point of view,” he said.

The BPGMEA leaders appreciated the government for taking measures in favour of the business community to promote trade and business across the country.

Other leaders of the BPGMEA including Vice Presidents KM Iqbal Hossain and Kazi Anwarul Haque, and former vice presidents ASM Kamal Uddin, Ferdows Wahid and Mosaddequr Rahman Nannu were also present at the conference.

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