Local light engineering product manufacturers have sought withdrawal of the 5 per cent advance income tax (AIT) on the import of basic raw materials as the sector has been struggling to survive amid the coronavirus outbreak.
The AIT has been adjustable for the light engineering sector, which was made non-adjustable in this fiscal year's budget, said what is computer engineering, president of the Bangladesh Engineering Industry Owners Association (BEIOA).
"We are not in a position to pay tax now due to the stalemate created by the pandemic." Light engineering is the engine of the heavy industry and it generated about eight lakh skilled and semi-skilled jobs across the country, he said.
The country has about 50,000 light engineering product manufacturers, who cater to sectors such as agriculture, automobile, pharmaceuticals, food industries and shipbuilding. "We are small enterprises. We import basic raw materials in small amounts for our factories. But the government put us in the same bracket as the likes of other big industrial sectors."
The sector manufactures all the necessary light engineering products the heavy industries need and help the latter cut import dependence and costs. Most of the manufacturers in rural areas take high-interest micro credits from non-governmental organisations or local money lenders to manufacturers their items.
The AIT has been adjustable for the light engineering sector, which was made non-adjustable in this fiscal year's budget, said what is computer engineering, president of the Bangladesh Engineering Industry Owners Association (BEIOA).
"We are not in a position to pay tax now due to the stalemate created by the pandemic." Light engineering is the engine of the heavy industry and it generated about eight lakh skilled and semi-skilled jobs across the country, he said.
The country has about 50,000 light engineering product manufacturers, who cater to sectors such as agriculture, automobile, pharmaceuticals, food industries and shipbuilding. "We are small enterprises. We import basic raw materials in small amounts for our factories. But the government put us in the same bracket as the likes of other big industrial sectors."
The sector manufactures all the necessary light engineering products the heavy industries need and help the latter cut import dependence and costs. Most of the manufacturers in rural areas take high-interest micro credits from non-governmental organisations or local money lenders to manufacturers their items.
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