Home / Knowledge / News / Textiles / Bangladesh Budget 2013-14: SD on woven fabrics down to 20%
Bangladesh Budget 2013-14: SD on woven fabrics down to 20%
07
Jun '13
Mr. Abul Maal A Muhith
Mr. Abul Maal A Muhith
In a major boost to the Bangladesh readymade garment sector, Finance Minister Abul Maal Abdul Muhith has announced reduction of supplementary duty (SD) on import of woven fabrics to 20 percent, in 2013-14 Budget.
 
Presenting the Budget in Jatiya Sangsad, the Bangladesh Parliament, Mr. Muhith said, “Woven fabrics, made of different raw materials and classifiable under different headings of Bangladesh customs tariff schedule are presently chargeable to 131.33 percent duty and tax incidence, including 45 percent SD.”
 
Mr. Muhith said the legitimate import of woven fabrics is not increasing proportionately to the demand simply because of the high tariff. He said the SD on commercial import of woven fabrics would be reduced from the present 45 percent to 20 percent for financial year 2013-14 that begins on July 1, 2013.
 
The Minister also proposed to exempt fully the present 5 percent customs duty (CD) applicable to artificial filament tow to be enjoyed by textile mills on certain conditions. 
 
He said the customs duty exemption has been made in view of the increasing demand of acrylic yarn made products, including sweater, both inside and outside the country.
 
Among other incentives, the Minister proposed extension of the  existing provision of charging lower rate of 15 percent tax on jute and textile sector from June, 2013 to June, 2015.
 
In addition, CD on textile materials under HS Code 3403.91.00 has been reduced from 12 percent to 5 percent.
 
On the other hand, SD on  other textile fabrics with Polyurethane HS Code 5903.90.00 has been increased from zero percent to 45 percent, and concessionary benefit of five percent given by SRO on artificial filament tow with HS Code 5502.00.10  has been reduced to zero.
 
Talking about the country’s jute industry, in his Budget speech, the Minister said Mandatory Packaging Act, 2010 has been passed to encourage the use of jute.
 
He said the Government has assumed the past liabilities of the Bangladesh Jute Mills Corporation (BJMC) amounting to Tk 23.16 billion. He added that the Government has taken steps to make BJMC profitable. “Hopefully, it will turn out to be a profitable entity in future,” he said.
 
During the current financial year that ends on June 30, Bangladesh’s GDP growth rate is likely to be around six percent, the lowest since 2009-10 when the growth rate was 6.1 percent. The Budget aims to put the growth rate back on track to 7.2 percent in 2013-14, by increasing spending by 16 percent to 2.22 trillion taka in the coming year.
 

Fibre2fashion News Desk - India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search