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BPGMEA wants cut in duty on raw materials

| Updated: March 10, 2020 14:05:24


BPGMEA wants cut in duty on raw materials

The plastic goods manufacturers demanded setting up a separate department for tariff and trade facilitation, and reducing import duty on different raw materials.

Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) recently put forward the demands in its budget proposal to the National Board of Revenue (NBR) for fiscal year (FY) 2020-21.

The trade body proposed reducing import duty on intermediate goods for manufacturing packaging products of pharmaceutical, agriculture and food items from 25 to 5.0 per cent.

It sought increased duty on imported readymade plastic products such as boxes, cases, sacks, bags and tableware, kitchenware. Currently 25 per cent import duty is existed on these items.

BPGMEA proposed to impose 25 per cent import duty on plastic pipes as Bangladesh is self-sufficient in production of this product. Currently, 10 per cent import duty exists on imported plastic pipes.

Their other proposals included increasing regulatory duty on imported plastic cisterns, toothbrushes etc. The country is now producing high quality toothbrushes.

Data available at the BPGMEA, more than 5,000 small, medium and large manufacturing units are running in the sector, employing more than one million people.

The global market of plastic products is around US$ 546 billion where Bangladesh's share is 0.6 per cent.

Currently, the average annual consumption of plastic in the country is about 6.0 kg per person. Investment size is about Tk 205.50 billion.

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