Steel manufactures urge taxes withdrawal on raw materials

The Bangladesh Steel Manufacturers’ Association (BSMA) has asked the government to withdraw duties and taxes from all types of raw materials with immediate effect, and not to wait for the next the national budget (FY2022-23) to bring stability to the country’s construction market.

“As prices of construction raw materials rose in the international market, government contractors are unable to continue their projects and cannot procure steel from local manufacturers. This will create a big impact on the country’s economy and employment in the sector,” the association said in a statement on Thursday.

“The price of steel scrap rose to US$680 from US$565 compared to two weeks. Steel crap price went up by 60 per cent in 2021 compared to 2019,” BSMA President Manwar Hossain said.

Manwar also said that the supply chain of imported products, particularly construction raw materials, has collapsed due to the Covid-19 pandemic.

Earlier, the organization at an event proposed to increase efficiency of Chattogram port, allow 4.5 per cent interest rate for two years, and extend/spread EMIs of the present outstanding long term loan balance for five years.