The Bangladesh Textile Mills Association (BTMA) sought permission for duty-free import of all kinds of fibres, including recycled and man-made, in fiscal 2023-24 without any non-tariff barriers.
Association president Mohammad Ali Khokon submitted a request for the same during a meeting with the National Board of Revenue (NBR) in Dhaka.
BTMA requested NBR to remove the value-added tax (VAT) imposed on the collection of raw materials by deemed exporters to produce recycled fibre and later during their sale to domestic millers.
Source: www.ccfgroup.com
Latest Posts in "Bangladesh"
- NBR Halts Manual VAT Audits to Prevent Corruption, Plans Automated System Implementation
- Understanding Tax Refund Limitations: Legal and Erroneous Payment Criteria Under the Tax Code
- Bangladesh Loses Tk 1.88 Trillion to VAT Evasion and Exemptions in FY23, Study Reveals
- Bangladesh Faces VAT Shortfall, Corruption, and Declining Tax-to-GDP Ratio, Urgent Reforms Needed
- NBR and BTRC Dispute Over VAT Audit of Telecom Operators Continues Unresolved