BTMA demands cancellation of bond conditions for yarn exports

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BTMA demands cancellation of bond conditions for yarn exports

Economic Correspondent

Published : Friday, 11 June, 2021 at 11:06 PM, Count : 438

BTMA demands cancellation of bond conditions for yarn exports

Owners of textile mills have been outraged that the budget has imposed conditions on the covert export of yarn and cloth for 100 per cent export-oriented bonded ware house or special bonded ware house licensed company.

They demanded the repeal of the condition, saying the proposal was made in the budget as per the decision of the National Board of Revenue (NBR) without any discussion.

This will hamper covert exports. This was stated by the leaders of BTMA, a textile mill owners' association, at a recent press conference to respond to the proposed budget for the next 2021-22 financial year. The president of the organization Mohammad Ali read out the written statement. Also present were Vice President Fazlul Haque, Abdullah Al Mamun, Director Syed Nurul Islam, Abdullah Mohammad Jubayer and others.The BTMA president said, "Many knit and knitwear exporters do not have bond licenses. They collect yarn and cloth from the country's textile mills for export locally through back-to-back bonds (LC).

To our knowledge, more than 70 percent of the knitwear factories collect more than 80 percent of their required yarn locally. That is why they do not have any bond license.’’ "We sell yarn and cloth to local traders at zero-VAT and conventional VAT rates through back-to-back bonds to exporters," he said.

Mohammad Ali demanded a re-determination of the tariff value of imported cloth. He said, "If it is not possible to change the tariff value of textile imports from abroad now, I am requesting to impose a minimum of 50 per cent supplementary duty and regulatory duty."

Besides, he demanded the opportunity to import all kinds of parts used in the textile sector with 1 percent duty. Export of readymade garments and garments is currently subject to withholding tax at the rate of 0.50 per cent at source. No change was made in the budget taxation at source. BTMA has demanded to raise the tax at source to 25 percent as before.

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