Dhaka, Bangladesh (BBN) - The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has proposed reduction of duty on basic raw materials and capital machinery to 1.0 percent from the existing 5.0 percent and 3.0 percent respectively to facilitate the country’s productivity.
The country's apex trade body also proposed slapping duty at 3.0 percent on intermediate raw materials, not produced in the country, in the upcoming budget.
The leaders of the FBCCI said the duty on the luxury products and finished goods produced in the country should remain unchanged.
They made these demands at a meeting with the customs wing of the National Board of Revenue (NBR) on Monday.
The FBCCI also proposed to withdrawal of Advance Income Tax (AIT) on basic raw materials, setting rules to keep the differences at minimum 30 percent on imported products and local products, installing scanner and automation at all ports.
BBN/SSR/AD-08May12-9:30 am (BST)
