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Steel millers demand VAT cut

Star Business Report
The steel millers have demanded that the government reduce the value added tax (VAT) on the imports of steel.
They also called for a tax rationalisation between imported steel and scrap steel, pointing it out that the proposed tax structure is unjustified.
The newly formed Bangladesh Auto Re-rolling and Steel Mills Association placed their demands at a press conference at the Dhaka Reporters Unity auditorium yesterday.
"The new budget has proposed a Tk 250 enhancement on each tonne of MS rod produced from imported steel, which will ultimately hinder the growth in the steel sector," said Masudul Alam Masud, president of the association.
Masud said the steel industry suffered uncertainty and volatility in prices due to dominance by some ship breakers. "The government needs to intervene in the sector by rationalising the tax structure to break the dominance and support the environmentfriendly industries," he added.
He said ship breakers payTk 1,000
for each tonne of scrap steel where as the auto re-rolling millers have to pay Tk 1,500 for the same amount of imported melding scrap.
Masud claimed that the Tk 10,000 crore industry (a total of 30 modern mills) can meet more than 50 percent of the local demand for 30 lakh tonnes of MS rod a year.
The steel producers have also expressed their concerns over the possible imposition of $150 for each container as surcharge. Different shipping lines made an announcement that such surcharge would come into effect, provided that the ongoing slowness continues in unloading products at the Chittagong Port.
Masud said if the surcharge is imposed, the cost of steel will rise by anotherTk 12,000 per tonne.
The steel millers also claimed that Bangladesh Standard and Testing Institute is collecting a special fee on annual turnover from steel millers, which is also irrational.
They said BSTI should collect a fixed annual licence fee and specific testing fees on particular products.
The association leaders urged the government to initiate talks with Indian counterparts so that the Bangladesh steel industry can export to the seven sister states of the neighbouring country.
"We have good potential to export steel products to the Indian northeastern states as they have huge demand and the people from those states have to pay a huge amount of money to carry those steel products from other parts of India," said Abul Kashem Mazumder, secretary general of the association.
He demanded cash incentives from the government to help diversify Bangladesh's export basket.
Mazumder also asked the government to use Bangladeshi quality products for the upcoming big projects like flyovers and bridges, instead of allowing contractors to import steel products.
"Our products are as the same as the products from China or Thailand. We are requesting the government to ask contractors to use our products for Padma Bridge and the Jatrabari-Gulishtan flyover," Mazumder said.