Textile mill operators today requested withdrawal of significant worth added charge (VAT) and import obligation on a wide range of synthetic fiber for the possible development of the non-cotton style industry to satisfy the worldwide need. 

In the proposed financial plan, the public authority didn’t resolve this issue albeit the business people of the country’s essential material area have been requesting this before the spending plan, the material mill operators said at a post-spending question and answer session at the workplace of Bangladesh Textile Mills Association (BTMA). 

The public authority ought to consider the solicitation as the interest for artificial fiber article of clothing is higher than the cotton-made fiber around the world, the material mill operators said. 

For example, artificial fiber possesses 78% of the worldwide design industry and the rest 22% by cotton fiber. 

However, in Bangladesh, the situation is switched. Of the all-out piece of clothing trade from Bangladesh in a year, 74 percent is produced using cotton fiber while 26% from man-made fiber, they said. 

“In the event that we need to snatch a greater amount of the worldwide piece of the pie, we should pick the synthetic fiber as the interest is ascending for those article of clothing things,” said BTMA President Mohammad Ali Khokon. 

The BTMA boss invited the proposed spending plan, however he needs a few offices for the material area for drawing in additional speculation and for producing greater work. 

Khokon likewise requested the public authority for fixing Tk 3 as VAT on deals per kg of a wide range of yarn in the nearby business sectors. 

As of now, the NBR gathers Tk 3 as VAT on the deals of per kilogram (kg) of yarn produced using cotton and Tk 6 for each kg on the deals of yarn produced using artificial fiber. 

So, the VAT rate ought to be uniform for a wide range of yarn deal, he said.

Image Source: Flickr

Manali bhanushali
Author: Manali bhanushali

Manali Bhanushali