National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem on Tuesday said that the existing government support measures ranging from import of raw materials to others would continue to help flourishing local industries.
“One of the main targets of NBR is helping flourishing of industries and protecting their interests alongside collecting revenues,” he said.
The NBR chairman said this while addressing a pre-budget meeting for the next fiscal year (FY22) with the leaders of Bangladesh Ceramic Manufacturers and Exporters Association at the NBR building in the city’s Segunbagicha area on Monday.
Muneem said, “For this, we’re lending support to those areas where local industries will be able to do much better, import substitute system will develop and conservation of local currency and generating more employments will be ensured,” he added.
He said the revenue board always gives priority to the valuable suggestions from the business community about import of raw materials and other products as well as on VAT to protect the interest of the local industries.
Muneem, also the Senior Secretary of the Internal Resources Division, mentioned that such pre-budget meetings are being held every year with the business community so that decisions could be taken for the sake of development of the local industries.
Bangladesh Ceramic Manufacturers and Exporters Association president M Sirazul Islam Molla placed a demand to the government for bringing down the import duty on raw materials of ceramic products to five percent.
He informed that there are some 68 ceramic industries in the country meeting 90 per cent of the local demand with a total investment of around Taka 9,000 crore and thus saving huge foreign currency.
“This labour-intensive industry is suitable for our country, but around 90 percent of its raw materials are imported from abroad. We’re not being able to compete fully with our foreign competitors due to high duty imposed on import of raw materials,” he said.
Sirazul said various raw materials like zirconium silicate, printing ink, nano chemicals and calcium used in this industry are mostly import dependent and maximum 90 percent duty is imposed on these items.
The Association president said that once upon a time ceramic was totally import dependent, but now around 80 to 90 percent of the overall demand of ceramic products are being met from the local industries.
He however, suggested for increasing duty on import of foreign ceramic products to safeguard the local industries.