Stress on tax reforms to boost investment in cement sector
Jannatul Islam
19th May, 2021 10:23:10
The government should reform the tax structure to boost investment in the cement sector as local manufacturers are burdened with taxes.
Some 37 companies including 5 foreign manufacturers are producing nine million tonnes of cement in Bangladesh against the annual domestic demand for 4 million tonnes, according to Bangladesh Cement Manufacturers Association (BCMA).
The cement manufacturers are now paying Tk 500 for importing each tonne of clinker, the main raw material for cement. Besides, 5 per cent customs duty and 3 per cent advance income tax put a huge burden on businesses to make new investments, BCMA leaders have said.