Bangladesh Steel Manufacturers' Association (BSMA) on Wednesday urged the government to reduce the Value Added Taxes (VAT) rate on MS product's production and supply level in the upcoming national budget for 2022-23 Fiscal year to control rod market in the country.
The organisation has also proposed to increase efficiency of Chattogram port, reduce exemption of VAT and duties from import on scrap and sponges iron, 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.
The suggestions came up with the press conference organised by BSMA at National Press Club in Dhaka.
Presenting written a statement there, BSMA Secretary General Mohammad Shahidullah proposed to fix Tk250 from existing Tk1000 on all kinds of billets prepared from melted scraps per tonnes, and MS products prepared from billets; and Tk500 from current Tk2000 on MS products prepared from billets and billets prepared from melted scraps.
"We request the government to fix customs duty Tk500 from current Tk1500 on import of raw material scraps, and withdraw Tk800 on sponge iron per tonnes and fix Tk100 from current Tk500 on the item," he added.
He also urged the government to provide electricity and gas relentlessly on the steel sector.
Speaking at the event, BSMA Chairman Manwar Hossain said their costs increase vastly due to lack of efficiency of Chattagram port.
"Rod prices went up due to raw material price hike in international market. The current rod prices will reduce if the government assists us, and come down scrap prices in global market. Otherwise, there is no chance to reduce the prices of rod in our country," he also said.
More to follow...
