The government on Thursday proposed a flat 1% customs duty on purified terephthalic acid (PTA) and mono-ethylene glycol (MEG) -- widely used at textile industry as polyester (synthetic) staple fiber (PSF) and pet chips (textile grade).
Finance Minister Abul Hassan Mahmood Ali said that the materials are regarded as widely used for the textile industry.
The main raw materials used in the production of these two products are PTA and MEG. However, it is observed that the total tax incidence on the finished goods is less than its raw material.
“To remove this discrepancy and for the protection of the domestic industry, I propose to impose 1% customs duty on PTA and MEG and waive all other duties and taxes on these two raw materials,” he added.
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.
