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Further duty cut on capital machinery

Staff Correspondent
Finance and Planning Adviser Mirza Azizul Islam yesterday, in his budget speech for 2008-09 fiscal, proposed further reduction of existing concessionary rate of duty on the import of capital machinery and spare parts from 5 percent to 3 percent.
He also proposed for reducing import duty on basic raw materials from 10 percent to 7 percent and 3 percent reduction of duty on the import of intermediate raw materials from 15 percent to 12 percent.
But, the highest slab of duty on finished products remains unchanged at 25 percent in the proposed budget.
But, to simplify customs procedure as it concerns the import of machinery and spare parts, he proposed to repeal
the indemnity bond system and replace it with a concessionary 1 percent duty. For importing machinery for textile industries, similar benefit of concessionary rate and on the import of some other spares and inputs, special rate of 3 percent in place of existing 5 percent has been proposed.
The industry people, particularly those of the ready-made garment (RMG) sector, and the major importers of capital machinery in the country came up with mixed reaction in response to these proposals for the next fiscal.
In his reaction President of Bangladesh Textile Mills Association (BTMA) Abdul Hai Sarker said imposition of 1 percent concessionary rate on the import of machinery for textile industries was not good.
“Otherwise, the reduction of duty on import of raw materials is appraised,” he said.
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Anwar-Ul-Alam Chowdhury Parvez welcomed the decision for opening up bonded warehouses for exporters of all sectors. He said the concessionary duty on import of capital machinery should be 0.50 percent.
President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Hoque welcomed the introduction of the concept of concessionary rate on import of capital machinery. “But the rate should be 0.25 percent as the bank interest rate is high," he said, adding that Tk 1500 crore should be
allocated for export subsidies.
General Secretary of Bangladesh Re-rolling Mills Association (BRMA) Masadul Alam Masud said the government's proposed reduction of duty on import of capital machinery is good news for industrial sector.
But, President of Real Estate and Housing Association of Bangladesh (REHAB) Tanveerul Haque Probal said nothing is clear in the proposed budget regarding the import of reconditioned machinery.
Meanwhile, Finance Adviser proposed for providing bonded warehouse facilities to all 100 percent export oriented industries.
In the budget for 2008-09 fiscal, Mirza Aziz proposed allocating Tk.l, 050 crore as export subsidy.