2001-2002
SHAH A. M. S.
KIBRIA
FINANCE
MINISTER
(PART II)
DHAKA
24th
Jayistha, 1408
7th June, 2001
SECOND PART
Honourable
Speaker,
The present government started its tenure after its electoral victory in
1996 under the dynamic leadership of 'Jananettri' Shaikh Hasina with the
principal objectives of alleviation of poverty, improvement of the living
standard of the common masses and establishment of a society based on the
principles of justice and equity side by side with achieving higher economic
growth. In continuation of this noble effort, it is a great pleasure for me to
place revenue proposals for fiscal year 2001-2002 to this august Parliament for
the sixth consecutive fiscal year. In our endeavour to achieve rapid economic
growth we have focused our priorities on alleviation of poverty, development of
agriculture, expansion of exports and export-oriented industries, protection to
the domestic industries, increasing industrial productivity and creation of new
employment opportunities. During the last five years we have formulated our tax
policy within the framework of these macro
objectives and priorities. In the context of free market policy and
globalization of international trade we have formulated our tax policy in such a
way that the benefits of globalization could be maximized while at the same time
our domestic industries receive due protection from uneven competition from
abroad. In addition, we have aimed at increasing investment and export earnings,
reducing inequality of income and ensuring social justice through our tax
policy.
Honourable Speaker,
02.
Our government fully realized that large-scale trade liberalization is not
always an unmixed blessing for a developing country like ours. For this reason,
we have pursued the policy of careful and gradual reduction of our import
tariffs and non-tariff interventions in line with the basic principles of
globalization. In support of our policy, comments of IMF is also relevant :
"The policy challenge for these
countries is to safeguard their gains by maintaining a market-oriented policy
stance, maintaining macroeconomic stability and improving infrastructure and the
supply of skilled labor so as to ease supply constraints in the economy.....
Countries should also aim to let domestic investors diversify their portfolios
internationally, ...... a gradual and cautious removal of capital controls
within the framework of policies to promote a sound domestic banking system,
along with an exchange rate policy that permits an appropriate degree of
flexibility, will lessen the burden on fiscal adjustment and provide a better
balance among policy instruments through a more developed financial sector''.[1]
Honourable Speaker,
03.
In order to maintain the pace of development by utilizing our economic potential
we have pursued policies aimed at achieving balanced macroeconomic management,
realistic exchange rate, regulated foreign debt, appropriate export development
and continuous upgrading of skills of the work force. Our policies and
achievements have received wide support from different quarters at home and
abroad. In fact, our tax policy has always been consistent with our
macro-economic policies. It is a historical fact that the shares of direct and
consumption taxes in the total tax structure progressively increase along with
economic growth in any country. Hence, in an attempt to attain self-sufficiency
in terms of domestic resource we have also tried to reduce our dependence on
import taxes and duties by giving more emphasis on consumption and direct taxes.
In short, we have adopted all possible measures to make our tax system simple,
efficient, effective and free of harassment and corruption.
Honourable Speaker,
04.
Our democratic government fully believes in a participatory approach to taxation
as advocated by Lord Camden who said, "Taxation and representation are
inseparable."[2]
Therefore, we have always ensured extensive participation of tax payers'
representatives and carefully considered their views in the process of tax
policy formulation in a scale never practiced during the tenures of any previous
government. While formulating this year’s tax policy I have exchanged views
quite extensively with different chambers and trade bodies. Their views and
suggestions have been given due consideration in the formulation of this year's
budget proposal. Suggestions and recommendations on budget received form the
Tariff Commission and different ministries of the government have also been
carefully examined. In addition to this, like last year, three separate task
forces consisting of the representatives of FBCCI and the National Board of
Revenue have thoroughly discussed and examined the budget proposals on Customs,
VAT and Income Tax given to the government by FBCCI and numerous other trade and
professional associations. In addition, close co-ordination mechanism between
the NBR and the trade bodies has been established in the implementation stage of
tax policy as planned by our government. The role of trade bodies in this
respect has been praiseworthy. I express my sincere gratitude and thanks to all
the participants in the pre-budget discussion process which helped us in
formulation of a meaningful and effective budget for the next fiscal year.
Honourable Speaker,
05.
This government has always demonstrated its utmost sincerity in fulfilling its
promises and commitments to the nation. In order to increase our revenue
earnings and also to bring the tax administration closer to the tax payers, I
announced in my FY 98-99 budget speech the intention of our government to
establish three new Customs Houses/ Commissionerates and also to upgrade the
Customs Valuation department. I am glad to inform this august Parliament that a
full-fledged Customs House has been established at Benapole and a new VAT
Commissionerate in Sylhet covering the jurisdiction of Sylhet Civil Division has
started functioning. A new Customs Bond Commissionerate has been established in
Dhaka in order to ensure effective control and monitoring of duty-free bonded
warehouses. The Customs Valuation Department has been upgraded in order to
augment revenue earnings through appropriate valuation of imported goods by
developing a modern valuation database. The above mentioned measures clearly
demonstrate government’s intention to fulfill its commitment in the fiscal
sector like all other sectors.
06.
The government has also taken adequate measures to expand and modernize the
Income Tax Department in order to increase revenue earning from direct taxes
through administrative improvements and bringing the tax administration closer
to the tax payers. The administrative formalities for establishing three new
Income tax Zones in Rangpur, Barisal and Sylhet, as promised, are almost
complete. We hope that these Zones will start functioning very soon.
Honourable Speaker,
07.
In addition to the budgetary measures adopted in the last budget we have taken a
number of corrective measures in the course of the fiscal year in public
interest in response to the pressing and genuine needs of business and economic
development. In view of the bumper production of rice the Government has been
quite conscious about ensuring fair price of rice and wheat. An additional
Regulatory Duty of 10 percent has been imposed on the import of rice to protect
our farmers from undue competition from imported rice. Customs duty on dates,
khorma and onion for the period of the holy month of Ramadan was reduced.
Moreover, to help industrialization duties on bitumen, printing ink, stabilizer
and anti-oxidizing agents of plastic etc., have been reduced. Please see Annex-“Ka”
for details.
08.
In case of VAT, in response to the request from the domestic industries VAT and Supplementary
Duty (SD) both at the
import and production levels on newsprint, DOP, raw materials for
insecticides, plastic film for pharmaceutical industries and cement clinker have been
exempted or reduced. SD imposed on the businesses operating within the City
Corporations and Municipality areas and both SD and VAT on those operating
outside the above noted areas have been withdrawn. In order to augment revenue
earning from cigarettes, in the last budget, the government announced the
decision to introduce the system of affixing stamps (Banderol) on cigarette
packets. As the completion of infrastructural facilities for this purpose needed
some time the implementation of this decision has been delayed. But we are
committed to introduce this system from 1 September,2001.
09.
Similarly, some measures related to income tax have also been taken after the
last budget session. These are: exemption from income tax on income of District
Sports Association, Divisional Sports Association, National Sports Federation
and National Sports Council; exemption from deduction of income tax at source on
import of Ammonium Sulphate, Potassium Sulphate, Magensium Sulphate and Solubor
(Boron); and withdrawal of exemption from income tax deducted at source on
import of computer and computer accessories.
Honourable Speaker,
10. Mandatory Pre Shipment Inspection (PSI) system
was introduced during the last fiscal year for valuation and inspection of
imported goods for a period of three years on a temporary basis. The main
objective of PSI was to assist the customs authority to ensure quick clearance
of imported goods by bringing down the percentage of physical examination to a
minimum level and increase government revenue earning by reducing misdeclaration
about description, value, classification and quantity of the imported goods. As
expected for any new system, PSI initially encountered some teething problems.
Based on the complaints and recommendations received from FBCCI, different
chambers and the importers and in consultation with these trade bodies we have
brought about necessary amendments in the PSI related operational rules and
procedures. As a result, PSI related operational problems have been reduced to a
great extent. The government will continue to monitor closely the operation of
the PSI system in collaboration with the business community to make this system
more effective. Necessary changes have been brought about in customs
administration to ensure quick clearance of goods, prevent harassment of the
importers and protect government revenue. These efforts will also continue in
the future. A PSI Audit Agency will be appointed very soon to protect the
revenue interest of the government through audit of the activities of PSI
agencies.
11.
In the past the Non-Cadre class- I and class-II
gazetted officers
of Customs were not
transferable amongst custom houses
and VAT Commissionerates, while the equitable rotation of skilled and efficient
customs officials among customs houses and VAT
Commissionerates was necessary in the interest of efficiency of revenue
administration. Moreover, non-transfrerability of such officials very often led
to the creation of vested- interest
groups. In the past, attempts by the authority to implement a common nation-wide
transfer policy faced stiff resistance from the vested-interest groups.
Therefore, the present government has formulated and implemented a new law,
namely, "Non- Cadre class -I and
class-II gazetted officers’ (Customs, Excise and VAT) Appointment and Working Conditions
Act, 2000”, which enabled NBR to transfer the above categories of
officers amongst different Custom houses and VAT Commissionerates. This bold
step by the government has been acclaimed by all relevant quarters and its very
positive impact is already visible in this year’s revenue earning of the
government.
Honourable Speaker,
12.
Income tax is an important fiscal measure of the government. Apart from being a
source of revenue, role of income tax is significant in bringing socio-economic
stability and justice. On behalf of the present democratic government, we
promised to rationalise rates of income-tax and increase collection through
widening of the tax base. I am happy to announce that in the last five years,
rates of income tax were not increased. In fact rates were reduced in certain
areas. Before the present government came to power, income up to Tk. 55,000 (taka
fifty five thousand) in the hand of individuals were exempted from taxation. To
give relief to the lower income group, tax exemption limit was gradually raised
to Tk. 1,00,000 (taka one lakh). In spite of this, we have been able to widen
tax base and increase revenue substantially. Collection from income tax was Tk.
1,533 (taka one thousand five hundred and thirty three) crore in 1995-96. It is
expected that collection from income tax will reach Tk. 3,600 (taka three
thousand and six hundred) crore at the end of this fiscal year recording an
increase of 135 percent.
13.
As a result of continuous reform of tax laws and tax administration by our
government, number of tax payers has steadily increased over the years keeping
pace with economic progress. The number of tax payers in 1995-96 was 6,26,000
(six lakh twenty six thousand). This number is expected to reach 12,00,000
(twelve lakh) at the end of this fiscal year i.e a growth of
more than 90 percent over the last five years.
Honourable Speaker,
14.
Now I would like to present my proposals in respect of income tax. While
presenting the budget for 2000-2001, rates of income-tax for two assessment
years, namely 2000-2001 and 2001-2002, were
announced in order to facilitate tax planning by the tax payers. It was decided
that, in future, rates of income tax announced in the budget would be effective
in the next financial year. In keeping with this policy, I propose that the
current rates of income tax may continue unchanged in the assessment year
2002-2003.
15.
Under the existing law, local authorities are required to pay tax at the rate of
40 percent. Some local authorities are engaged in providing public services
along with commercial activities. If their tax rate is reduced, the surplus fund
could be utilized by them in providing further public services. Keeping this in
view, it is proposed that tax rates of some local authorities providing public
services along with commercial activities be reduced from 40 percent to 25
percent. However, this reduced rate will be applicable only to the local
authorities approved by the government for this purpose. It may be pointed out
here that the current provision of granting total exemption from taxation to the
local government institutions of representative character will continue.
Honourable Speaker,
16.
As a result of the farsighted leadership of the Honourable Prime Minister Sheikh
Hasina, Bangladesh has achieved self-sufficiency in production of food. Fiscal
policy too has made its contribution towards the amazing and unprecedented
success in the field of agriculture. Income from fishery, poultry etc. is
exempted from taxation up to June, 2005. In
order to continue the policy of giving support to agriculture and help improve
rural income, I propose to grant similar exemption to income from seed
production and marketing of locally produced seed up to June, 2005. For the same
reason, I also propose to grant exemption up to June, 2005 to income from
production of poultry feed.
17.
Under the existing law hotels, motels, private picnic spots etc. are considered
as tourist industry for the purpose of granting tax holiday. Recreation
facilities are very inadequate in Bangladesh. In order to encourage private
sector investment in tourism, I propose to include amusement and theme park,
holiday home, tourist resort, family fun and games in the definition of tourist
industry. This would mean that such tourist industries set up before June, 2005
will enjoy tax holiday for five to seven years depending on their location.
Honourable Speaker,
18.
Spot assessment procedure was introduced in the budget for 1999-2000 in order to
expand tax base. This procedure of simplified assessment after visiting business
premises by the tax officials has been gaining popularity. Under the existing
scheme, business establishments situated in City Corporations and having capital
of less than Tk. 5,00,000 (taka five lakh) are required to pay tax at the rate
of Tk. 2,500 (taka two thousand five hundred). Similar business establishments
located in divisional or district towns are required to pay tax at the rate of
Tk. 1,500 (taka one thousand five hundred). I propose to reduce this rate to Tk.
1,000 (taka one thousand) for business establishments located in all of these
areas. This will give relief to business establishments with limited capital,
expand tax base and make the system consistent with self-assessment procedure.
All other provisions of spot assessment procedure will continue.
19.
Under the existing law, along with other expenses salary and perquisites paid to
employees are admissible expenses in the assessment of income from business.
However, under the income tax law perquisites paid to an employee in excess of
Tk. 1,32,000 (taka one lakh thirty two thousand) is not allowed as admissible
expense. This excess amount is deemed to be taxable income of the employers. But
in some cases employers may have to pay perquisites above Tk. 1,32,000 (taka one
lakh thirty two thousand) in view of
recommendation made by Wage Board constituted by the government. In such
cases, the employer has no control over this expenditure. In this circumstance,
I propose that excess amount of perquisites paid in order to implement the
recommendations of Wage Boards constituted by the government be made admissible
deductions.
20.
At present, all categories of assessees having income of more than Tk. 1,00,000
(taka one lakh) are required to pay advance income tax in four installments
during the course of his income year. Tax free limit of income for individual
tax payers has meanwhile been enhanced to Tk. 1,00,000 (taka one lakh). As a
result, all individual tax payers are required to pay advance income tax in four
installments during the income year. Small tax payers are facing difficulties
due to it. To remove this difficulty, I propose to refix the limit of income for
payment of advance income tax from Tk. 1,00,000 (taka one lakh) to Tk. 2,00,000
(taka two lakh). This means that tax payers having income below Tk. 2,00,000 (taka
two lakh) will not be required to pay advance income tax. They will pay their
due income tax at the time of submission of income tax return.
Honourable Speaker,
21.
Present democratic government have been consistently pursuing a policy of
simplifying self-assessment procedure. In the budget of 2000-2001, all
individual assessees regardless of their amount of income or loss, including
persons claiming refunds, were allowed to submit tax return under the
self-assessment procedure. Liberalisation of self-assessment procedure has had
its positive effect. In the last financial year, number of tax payers and
collection of tax under this procedure increased substantially. I, therefore,
propose to continue this simplified and liberal policy this year. However, there
is a possibility of evasion of tax under this procedure through false
declaration of payment or receipt of gift and fictitious or inflated declaration
of tax-exempted income from poultry, fishery etc. In order to protect the system
from such abuse, it is proposed that persons declaring payment or receipt of
gift or exempted income from poultry, fishery etc. be required to submit their
return under normal procedure. This step will safeguard the interest of tax
payers having payment or receipt of genuine gift or having genuine income from
poultry, fishery etc. while protecting it from misuse. This will also ensure
transparency and fair implementation of the procedure.
22.
At present, companies are not required to submit tax return as long as they do
not declare any profit. As a result, many companies are not filing tax returns.
In the interest of expanding tax base and bring discipline in the corporate
sector, it is proposed that all companies be required to submit tax returns.
Honourable Speaker,
23.
Under the existing law, there is provision for collection of tax at source by
the Airlines on the agency commission paid to travel agents. I propose to
withdraw this provision in order to avoid complexity of collection of tax at
source. Income tax will be collected from the travelling agents under normal
procedure.
Honourable Speaker,
24.
The objectives of changes in income tax law and rules this year are : to expand
tax base, create favourable investment climate and accelerate pace of domestic
resource mobilisation through mutual trust between tax administration and tax
payer. We have to remember that in view of globalisation and our economic
advancement the importance and scope of direct tax will increase day by day.
Over the last five years, we have been trying to improve share of revenue from
income tax through reforms and we have been successful. We will continue our
efforts to sustain the achievement of the government in the area of income tax
and further consolidate the role of income tax in mobilising internal resources.
Honourable Speaker,
25.
Our main objectives in the area of import duties were
gradual reduction of tariff rates, harmonization and rationalization of
duty structure and make the duty–collection process simple, transparent and
free of harassment. Now I am going
to place my proposals for FY
2001-2002 in respect of import duty. At present we have only four slabs
of duty rates, namely, 5,15,25 and 37.5 percent. In the interest of
industrialization of the country and for providing reasonable protection to the
local industries, I propose to continue the general principle of keeping duty
rate at 5 percent for basic raw materials, 15 and 25 percent for intermediate
raw materials and semi- finished goods respectively and 37.5 percent for
finished goods. Like the budgets of the previous years I have proposed general
reduction of duty rates on basic raw materials and intermediate goods. To
support the local industries, I have proposed duty enhancement of only a few
items.
Honourable speaker,
26.
The role of heavy industries in our overall industrialization is very important.
Therefore, to encourage manufacturers of galvanized iron pipes, I propose to
enhance duty rate on G.I. pipe from 25 percent to 37.5 percent. At the same
time, I propose to reduce duty rate on calcined petroleum coke and printing ink
for G.I. pipe, both used as raw
materials for the manufacture of G.I. pipe. Please see Annex-“Kha”
for detail.
27.
To encourage our exports we propose to reduce duty rate on Refer Container, used
for carrying agro-products and frozen food for export, from 25 percent to 5
percent as the customs duty rate on similar vehicle i.e., Refer Van is
“zero”.
28.
Ceramic and melamine industries are playing increasingly important role in our
exports in addition to feeding our domestic market. In continuation of the
government policy to encourage them further I propose to reduce duty rates on
emulsion glass prints/ sensitized emulsion , zirconium silicate, aluminum oxide
and transfers (decalcomanias) used by the recognised malamine industries.
Details in this regard are shown at Annex
-“Kha”.
Honourable
speaker,
29.
To encourage pollution-free urban transport system customs duty on double decker
and on bus having seating capacity
of 40 or above was drastically reduced in last year's budget. In continuation of
the same principle and to develop mass– transport system further, to encourage
use of local gas as fuel and thereby to save foreign exchange, I propose to
reduce duty on four-stroke CNG driven three wheeler in CBU condition (seating
capacity not exceeding 15) from 37.5 percent to 15 percent. Due to the same
reason, I propose to reduce duty on electric battery operated three wheeler from
37.5 to 15 percent. However, to prevent misuse of those facilities closer
monitoring system will be introduced through coordination between Ministry of
Communication and other concerned agencies. To protect our forest resource by
reducing depletion of trees I propose to reduce import duty on match splints
from 25 percent to 15 percent.
30.
There has been notable growth in the printing and publication industry in
Bangladesh. To encourage domestic printing and publication industry by reducing
discrimination of duty rates between the paper for printing and printed
materials I propose to reduce duty on art paper and art card from 25 percent to
15 percent. Similarly, to make the local manufacturers of paper more competitive
I also propose to reduce duty rates on some raw materials of paper industry,
namely, rosin size, defoaming agents and precipitated calcium carbonate as
described in Annex-"Kha". A few industries for the production of
printed Vynyle billboard has already been established in the country. But as the
duty rate on advertising materials, advertising poster and outdoor advertising
poster is lower than the duty rate on printed Vinyl billboard there is a
tendency to import printed Vinyl billboard in the name of the above noted items
through mis-declaration. To protect the interest of domestic industry and also
to curb duty evasion in this field I propose to enhance duty rate on advertising
materials, advertising poster and outdoor advertising poster from 5 percent to
15 percent.
Honourable speaker,
31.
To protect our dry cell battery industries from undue competition from imported
batteries, I propose to reduce duty rates on the following raw materials of this
industry : paper separator, printed PVC tube, PVC shrinkable tube (plain) from
37.5 percent to 25 percent. Similarly, I propose to reduce duty rates on refined
paraffin wax used in carbon rod of dry cell battery and carbon block as shown in
Annex-“Kha”.
32.
In continuation of our government’s policy to encourage production of
electrical goods, a very promising industry, I propose to reduce duty on the
following raw materials of this industry : copper winding wire, paper insulated
copper conductor, leather waith paper, dry-type/cast resin transformer,
electroplating and other polishes. Details are shown at Annex-“Kha”.
Honourable speaker,
33.
In addition to incentives already given to electric bulb industries by the
present government in the last two budgets, I propose to reduce duty on
lamp-shell, flung tube and exhaust tube from 25 percent to 15 percent.
34.
To encourage industrialization, ensure due protection to domestic industries and
to remove anomalies between duty rates (general and exemptions) on capital
machineries we simplified the special S.R.O. related to capital machinery in the
last year’s budgets. It is proposed to include diesel engine and vacuum pump
in the same S.R.O. I also propose to reduce duty rate on industrial blower from
37.5 percent to 25 percent and the same on air compressor mounted on a chassis
for towing from 25 percent to 15 percent.
Honourable speaker,
35.
At present dry health drinks like “Horlicks” are being produced in the
country. To encourage production of such drinks, reduction of duty on its raw
materials, i.e., cocoa powder and butter milk powder is proposed, as shown in Annex-“Kha”. I also propose to reduce duty on dry mixed
ingredients for locally produced health drinks.
Honourable speaker,
36.
In continuation of government policy to patronize agro-based industries during
the last two budgets I propose to reduce duty rate on raw materials of jam,
jelly and marmalade, namely, peptic substances, pectinets and pectets from 25
percent to 15 percent and on mango pulp, a basic raw material for mango juice,
from 37.5 percent to 25 percent.
Honourable speaker,
37.
Asceptic pack used for packaging of fruit juice carries a duty rate of 25
percent. But tetra pack, an identical product is subject to a duty rate of 5
percent only. As a result, importers of Asceptic pack are facing uneven
competition in this regard. Therefore, to bring uniformity in this regard I
propose to impose duty rate of 5 percent for both the items and make necessary
corrections in the Tariff Schedule in this regard. At the same time, I propose
to reduce duty rate on rubber/plastic based adhesive and artificial resin used
for pasting straw to the Asceptic pack from 25 percent to 15 percent.
Honourable speaker,
38.
Our local biscuit manufacturers are facing uneven competition from large-scale
import of biscuits from abroad. There is no Supplementary Duty (SD) on import of
biscuits while high rates of duty and SD are applicable on raw materials and
packing materials of biscuits. To remove this anomaly, I propose to reduce
customs duty on flavour, a raw material for biscuits from 25 percent to 15
percent and also propose to restructure SD on biscuits and their raw materials.
39.
To encourage production of high quality chocolate I propose to reduce duty on
liquid chocolate from 37.5 percent to 25 percent. The duty rate on “food
preparations not else where specified or included” under H.S.Code 2106.90.20
is 5 percent while all other prepared food imports carry duty rates of either 25
or 37.5 percent. To rationalize duty rates on such similar items I propose to
enhance the duty rate of items under H.S code 2106.90.20 from the existing 5
percent to 25 percent.
Honourable speaker,
40.
The duty rate on complete fan is 37.5 percent while its parts carry duty rate of
15 percent only. This duty difference encourages import of complete fans by
segregating them into a few different consignments. Such parts are subsequently
assembled as complete fans for selling in the market . Naturally value addition
in case of such assembly is quite insignificant as compared to that involved in
the manufacturing of fan by the local producers who use domestically produced
parts. Hence,
to protect the domestic fan industries, I propose to enhance duty rate on parts
of fan from 15 percent to 25 percent. For
identical reason it is proposed to raise the duty on parts of lock from 15
percent to 25 percent. To encourage and protect local industries I propose to
increase duty rates on hydrogen chloride (hydrochloric acid), medicated adhesive
plaster, aluminium foil backed with paper/paper board, lead oxide, band-saw
blade and also to reduce duty on carbon steel strip (of thickness upto 1.22 mm
and of width upto 152.5 mm), a raw
material for band-saw blade, from 15 percent to 5 percent. Please see Annex-“Kha”
for details.
41. Recognized pharmaceutical industries in the
country, on recommendation of Drug Administration, are allowed to import glass
ampoule PVC / PVDC film for blister
pack as raw materials at a concessionary rate of 5 percent duty only. All other
commercial importers also enjoy the
same duty exemption as the items are rated at 5 percent duty in the First
Schedule of the Customs Act, 1969. As a result, the local manufacturers of the
above items are affected. So to protect such local industries, I propose to
enhance duty rate on glass ampule and PVC/ PVDC film for blister pack for
imports by commercial importers to 15 percent from the existing 5 percent.
42.
In order to encourage production of electricity to meet our increased demand our
government have allowed duty free import of electric generating sets. I propose
to further extend this facility upto December 31, 2001.
Honourable speaker,
43. In order to protect the local industries
from unfair competition of smuggled imports I propose to reduce duty rates on
tips and ink for ball point pen. For identical reason, I propose to reduce duty
on synthetic rubber and bicycle tube valve, raw materials for tyre and tube of
rickshaw and bicycle tube respectively. I also propose to reduce duty rate for
heat sealable lacquer, a raw material for medicine strip and blister foil.
Details are shown in Annex-“Kha”.
44.
I am pleased to say that a few large industries for the manufacture of DTY from
PET chips have been established in Bangladesh. DTY carries a duty rate of 15
percent and POY only 5 percent. But both the items are almost identical in
nature and are classified under same BCT heading. Hence, large industries are
facing uneven competition from those who produce DTY directly from POY. Under
the above circumstances, I propose to impose duty at the same rate of 15 percent
both on POY and DTY. Duty rate on Lumi Lurex Yarn was increased to protect the
local industries in the last budget. At present a similar duty rate of 15
percent applies to both Lumi Luren Yarn and its raw material plastic film
metalized yarn grade. So, to further protect the Lumi Lurex Yarn industry I
propose to reduce duty rate on plastic film metalized yarn grade from 15 percent
to 5 percent.
Honuorable speaker,
45.
Present government is very keen to encourage the growth of all backward-linkage
industries including textiles. In the last few budgets we have gradually reduced
the duty on textile spares in consideration of the importance of export oriented
industries. Based on the same principles and on recommendations of the Ministry
of Textiles and Industries, I propose to reduce duty rate on textile spare
parts, namely; hosiery needle, ring traveler and slafhuarst autoconers as none
of these spares is produced domestically. Moreover, I propose to reduce duty
rate on seasoned beach wood, carbon steel rod and carbon steel bar (with carbon
content of more than 0.25 percent but less than 0.6 percent) which are raw
materials of textile spares i.e., bobbin, shuttle and loom spindle. Please see Annex-“Kha”.
46.
Industries for manufacturing chalk powder from chalk- stone have come up in the
country. But the duty rate on chalk powder and chalk stone are same. This puts
the chalk powder industry in a disadvantageous position. To remedy this anomaly,
I propose to reduce duty on chalk stone to 5 percent. Similarly, to encourage
import substitute industry, I propose to reduce duty rate on craft paper
(unbleached) to 5 percent to encourage local industries producing cement packing
bags. Details are given in Annex-“Kha”.
Honorable speaker,
47. I am pleased to say that our country have
achieved self-sufficiency in food production during the current regime. Due to
bumper production of rice, our farmers were facing undue competition from lower
priced imported rice. To protect their interest a regulatory duty of 10 percent
in addition to the existing 5 percent customs duty was imposed. To protect the
same interest I propose to increase the rate of duty on import of rice to 25
percent.
48.
Pre-fabricated Building materials are highly effective in erecting industrial
buildings very quickly. Since local production of the same is not sufficient to
meet the total demand, I propose to reduce duty on Pre-fabricated Buildings from
15 to 5 percent. But at the same time to protect the local industries I propose
to reduce duty on the following raw materials of Pre-fabricated Building,
namely, fiber glass wool, wiremesh galvanized, self taping screws, H and I
sections to 5 percent and Zinc coated wide coil (of thickness 800 mm or more but
of width of less than 1200 mm) from 25 to 15 percent. Please see Annex-“Kha” for details.
49.
In the interest of protecting the domestic industries I also propose to reduce
duty rates on the following items : Laser film for x- ray; tapeline tape for
stopping leakage of gas and water pipe; plastic blank and demo for spectacles;
non-woven head-cover, apron and shoe-cover for use in sterile area of
pharmaceutical industries, drinking water purifier and cylinder for condensed /
liquefied gas with a capacity of less than 5000 liter. I also propose to remove
complexity in tariff schedule through its amendment by imposing ‘zero’ rate
of duty on phospo gypsum in line with duty rates on all other fertilizers. See Annex-“Kha”
for details.
50.
During the period following the approval of the budget for the current fiscal
year regulatory duty was imposed on a few items to protect our industry and the
farmers. Such regulatory duties are being abolished and merged with
supplementary duty and customs duty as the case may be. To remove complexity of
classification separate H.S.Codes for few items have been created through
amendment of our present Tariff Schedule. Two exemption S.R.Os related to
anti-biotic and raw materials for paracetamol have been unified into one single
order as a number of common chemical items appear in both the S.R.O.s. Based on
recommendations of the Drug Administration a number of new items have also been
included in the new order.
Honourable speaker,
51. In line with the provision of section 20
of the customs Act, 1969 and section 14(2) of the Value Added Tax Act, 1991,
section 7 (1) of the Finance Act, 1997 is proposed to be amended to make
provision for exemption of Infrastructure Development Surcharge (IDSC) on
special circumstances subject to fulfillment of conditions and limitations. With
a view to rationalizing and updating the Non-tourists (Passengers’) Baggage
(Imports) Rules, 2000, it is proposed to be amended by creating three size-based
categories for television sets, inclusion of computer scanner in the list of
duty-free baggage items and exclusion of photo-copier/photoenlarger machines
from the list of baggage items.
52. Based on recommendation from Customs
Administration Modernization Project (CAM-1) measures have been taken to
introduce Risk Based Selectivity Module for selection of import consignments for
examination and a new format of Bill of Entry for import and Export. In order to
update and modernise customs administration and procedure, I propose to amend
some existing provisions of the Customs Act, 1969 and add a few new ones to it.
Value
Added Tax and Supplementary Duty
Honourable
Speaker,
53. You are aware that in mobilizing internal
resources, increasing domestic industrial investment, ensuring dynamism in
production system, protecting local industries and building up a transparent and
accountable tax structure, Value Added Tax (VAT) system played a positive role
in the preceding years. During the last five years of the present Government,
tax base of VAT and collection therefrom have increased successively. In 1996
the number of VAT payers in the country was 1,23,500 (one lac twenty three
thousand five hundred). At the end of the current fiscal year this number will
increase by 103 percent and total around 2,51,000 (two lac and fifty one
thousand). With the widening of the VAT base, collection from it at local stage
at the end of current financial year will amount to around Tk. 5,000 (five
thousand) crore against collection of Tk. 2,769 (two thousand seven hundred and
sixty nine) crore in 1995-96 i.e. an increase of about 81 percent.
Honourable
Speaker,
54. In line with the above principles and
objectives, I am now placing some proposals through you on Supplementary Duty
(SD) and VAT for consideration by this august Parliament:
(a)
it is known to all that jute, the golden fibre of Golden Bengal and jute
products were once the pride of the economy and national identity of this
country. But in course of time and with the advent of different synthetic goods,
made from petro-chemicals, jute and jute industries are facing multifarious
obstacles. The poor performance of this industry is having a negative impact on
jute producers, labourers, entrepreneurs of the jute sector and the overall
economy of the country. In order to protect this sector from this vulnerable
situation and to enable it to survive in the present competitive world, I am
proposing, in addition to other measures taken by the Government, full exemption
of 15 percent VAT on all local jute products. Although this proposal will result
in a loss of revenue equivalent to almost Tk. 15 crore annually to the
Government exchequer, the Government is hopeful that the proposed measure will
help the jute sector to be competitive to some extent;
(b)
the importance of domestic foundry and small engineering sector, known as
less capital intensive but capable of generating more employment and developing
technology, can hardly be overemphasised. Different industrial and service
sectors including agriculture are directly or indirectly dependent on this
sector. Inspite of its being very important, this sector is continuously facing
uneven competition from foreign goods being imported under the influence of
market economy. Having considered these viewpoints, many goods, produced locally
by this sector and related to agriculture and also used by the common people,
were exempted from VAT in the previous years. In continuation of this trend, it
is proposed that parts used for engines of irrigation pumps and fishing trawlers
produced locally by this sector be exempted from VAT;
(c)
pre-fabricated buildings, helpful in setting up industries at relatively
shorter time and at comparatively lower cost, are being locally manufactured.
With a view to protecting the legitimate interest of the local industries
manufacturing these items and ensuring supply of the same to the industrial
entrepreneurs at comparatively lower price, the presently applicable VAT at
production stage is proposed to be exempted.
(d)
as daily necessities, rice, wheat and flour are presently exempt from VAT
both at import and production points. But granule (mywR),
obtained as a by-product from rice and wheat at manufacturing stage is still
subject to 15 percent VAT. Since this is an essential consumable item I propose
to exempt VAT on the local production of this item.
Honourable
Speaker,
55. In the same light as mentioned above, I also
propose the following for consideration by this august Parliament:
(a)
Invalid carriage (wheel chair) used for the movement of people physically
handicapped and disabled is fully exempt from import duty but subject to 15
percent VAT. Since the Government is committed to the improvement of standard of
living of the distressed people, I propose full exemption of 15 percent VAT,
applicable to imported wheel chair;
(b)
sandals of plastic and rubber and shoes of plastic are generally used by
people of lower and lower middle income groups. In consideration of the
purchasing power of these classes of people, locally made sandals and shoes upto
a maximum value of Tk. 40 per pair were exempted from VAT in the last budget. On
the basis of proposals of the business community, the exemption ceiling of these
products is proposed to be enhanced from the existing limit of Tk. 40 to Tk. 45
per pair;
(c)
global awareness is increasing about the harmful effects of tobacco
products on public health. In this consideration, the incidence of duties and
taxes on the import of cigarette paper used in the manufacture of tobbacco
products has been kept at 161 percent. Contrary to this, the incidence of duties
and taxes on locally made cigarette paper has been kept at a comparatively lower
rate. In order to reduce this wide gap and keeping in mind the negative impact
of tobacco products on public health, I propose to impose 10 percent SD on local
production of cigarette paper;
(d)
having been considered harmful to environment, SD at the rate of 20
percent was imposed in the last budget both on imported and domestically
produced sacks and bags, made from ethylene polymer. Due to this, imported sacks
and bags are enjoying more favourable duty and tax structure over locally made
goods. In view of this and in order to further rationalise the existing duty and
tax structure applicable SD at the rate of 20 percent on imported sacks and bags
of all colours made from ethylene polymer is proposed to be increased to 30
percent;
(e)
at present, imported and locally manufactured glazed tiles are subject to
SD at the rates of 30 percent and 20 percent respectively. But there is no SD on
imported and locally manufactured unglazed tiles. With a view to rationalising
the duty and tax structure of the two items and combatting misdeclaration of
glazed tiles as unglazed ones, I propose to impose 30 and 20 percent SD
respectively on both imported and locally produced unglazed tiles.
Honourable
Speaker,
56. Government is committed to ensure the
legitimate interests of the local products, compared to imported goods. From
this consideration and in order to further rationalise the duty and tax
structure, I propose to fully exempt SD applicable at the rate of 10 percent to
locally produced writing and printing paper, self tapping screw and other screw
and bolts (whether or not fitted with nut/ washer) and printing ink. On the same
consideration, I also propose to refix SD at the rate of 5 percent from the
existing rate of 22.5 percent on the locally made printed poly propylene film
whether metalised or non metalised.
57. Household goods including table and kitchen
wares of ceramics of standard quality are presently made in the country. These
goods have earned good reputation in the fereign markets also. But this
industrial sector is now facing uneven competition from foreign goods presently
being imported under the liberalised market system. On the other hand, similar
imported goods, made from porcelain, are subject to SD at the rate of 30
percent. With a view to ensuring equitable competition between the local and
foreign goods and rationalising the duty and tax structure with that of
porcelain goods, I propose to impose 30 percent SD on imported household goods
including table and kitchen wares of ceramics. On the same consideration, it is
proposed to exempt the present 10 percent SD leviable on Push button Amp, an
input used in the manufacture of different electrical goods by local industries.
58. In order to enable local products to compete
more effectively with imported goods, it is proposed to levy 10 and 5 percent SD
respectively on imported “Biscuits, Waffles and Wafers” and “Acrylic
Plastic and Poly Carbonate sheet, made from different materials including
Polymethyl Methacrylate”. On the same consideration, I propose to impose 75
percent SD on imported “Fluorescent hot cathode (Tube light)” unifying the
presently applicable regulatory duty and SD and 10 percent SD on the import of
“chocolates of all kinds”. Moreover, the existing 10 percent SD on imported
Ball Point Pen is proposed to be enhanced to 15 percent. On the other hand, the
present 10 percent SD on imported liquid glucose and stretch wrapping film, used
by different industries as raw and packing materials, is proposed to be fully
exempted. SD at 10 percent on imported petrolium jelly is also proposed to be
refixed at 7.5 percent on the same consideration.
59. With a view to rationalising the tax structure
of locally produced goods with that of imported goods, SD at the rates of 5
percent on imported Alum, 25 percent instead of the existing 5 percent on
imported folding cartons, boxes and cases made of non-corrugated paper and paper
board but excluding Duplex outer shell used for packing match sticks, and 15
percent on imported woven textile fabrics based emary powder, are proposed. On
the other hand, with a view to addressing the complexities arising out of the
inconsistencies relating to
classification and removing the disparity in the tax structure, the existing 20
percent SD on “ Palmitic acid and its salts and esters or soap noodles” is
proposed to be refixed at 25 percent.
60. Presently, the applicable rates of SD on
imported and locally made different kinds of sanitary wares of ceramics and
stainless steel are 30 percent and 5 percent respectively. There is no SD on
similar goods made of plastic. In order to bring about consistency between the
two, I propose to impose 10 percent SD on imported Bathtub, Showertub, Wash
Basin, Bidet, Lavatory Pan, Seat and Cover, Flushing Cisterns and similar goods
made of plastics.
Honourable
Speaker,
61. At present, there are SD at different rates
ranging from zero to 10 percent on both imported and locally made pipe, tube,
hollow profiles and similar goods, made of iron and steel and falling under
different H.S.Codes. Due to this different SD rates on goods of similar
description, occasional complaints are received about irregularities including
evasion of duties and taxes and harassment to the traders. To redress this
problem, it is proposed to impose 7.5 percent SD on the import and local
production of all the above goods instead of existing different rates. On the
same consideration and in keeping with the existing 5 percent SD, applicable to
bulk import, goods of the class of Horlicks and Maltova, imported at retail
packing, are also proposed to be subjected to SD at the same rate of 5 percent.
62. Presently, there is regulatory duty at 10
percent on imported Tallow, 5 percent on imported Crude Coconut (Copra) oil and
Crude Palm Kernel Oil. Instead of these regulatory duties it is proposed to
impose SD at the same rates, as mentioned above, against each of the above
items. Moreover, I propose to fix 12.5 percent SD against RBD palm stearin
unifying the presently applicable 10 percent regulatory duty and 2.5 percent SD.
Honourable
Speaker,
63. Due to the favourable policy of the government
and the efforts of the entrepreneurs, medicine manufacturing sector is presently
exporting its standard quality medicine to foreign countries after meeting local
demand. Under the present system, refund as duty drawback of the duties and
taxes involved in the medicines if exported under laid down rules, is allowed.
But VAT is to be paid on the same medicine when sent to foreign buyers as
samples for the purpose of creating new export market. Under these circumstances
and in order to create demand of local medicine in foreign markets and to
encourage its exports, it is proposed to exempt the VAT on locally manufactured
medicines upto the maximum value limit of Tk. 2000 in each consignment and upto
Tk. 6000 per year.
64. At present, there is 15 percent VAT on a 20
percent truncated base namely 3 percent net on the total value, received against
sale or repair of furniture as services. Considering this fixed truncated base
and the fact that the net payable tax is less than the actual Value Addition and
present Turn Over Tax rate, it is proposed to increase this 20 percent tax base
to 40 percent bringing the net incidence of VAT to 6 percent. On the other hand,
the present truncated base value at 15 percent, applicable to wholesale and
retail sale of readymade garments including silk fabrics under the service item
named “Readymade garments sale centre”, is proposed to be reduced to 10
percent.
Honourable
Speaker,
65. At present Tk. 70,000 (seventy thousand) as VAT
is applicable to one section of bricks calculated on the basis of 9,33,333 (nine
lac thirty three thousand three hundred and thirty three) pcs as per existing
rules, and fixed tariff value. There are some inconsistencies, with respect to
determination of sections in the said rules. In order to correctly calculate
VAT, payable on each section and to enable the taxpayers to pay the same through
reasonable installments by removing the existing inconsistencies, newly
formulated rules instead of the existing ones are proposed for consideration.
Honourable
Speaker,
66. Since the retail value of locally produced
allopathic medicines is fixed by the government, I propose to exempt these items
from VAT liability when sold by wholesaler and retail traders provided the
producers pay the VAT on the basis of actual value added at production points.
VAT from locally produced Aerosol, an insecticide, and cigarettes is presently
collected on the basis of retail price. As a result of this, no value addition
is made on these items at the wholesale and retail stage. Hence, these items are
also proposed to be exempted from VAT liability at trade points.
Honourable
Speaker,
67. The arrangement of paying VAT on taxable goods
at wholesale and retail points at 15 percent on the basis of 13.35 percent value
added, namely at 2 percent on total sale value was approved in the last budget.
For proper implementation of this system, business communities were consulted
several times. They requested for the reduction of this fixed 13.35 percent
value addition on the reason that this tax base, in some cases, is comparatively
higher than the actual value addition. Considering all these aspects and with a
view to collecting VAT from the traders in a trade-friendly manner, I propose to
refix the Value Added at 10 percent from the present 13.35 percent. As a result
of this, the net payable VAT at wholesale and Retail trade points would come
down to 1.5 percent from the existing 2 percent. Side by side, it is also
proposed that the traders, whose actual Value Added would be more or less than
the above proposed 10 percent, will be allowed to pay VAT on the actual Value
Added on the basis of input tax crediting system provided they declare the sale
value and get it approved by the appropriate VAT Authorities.
Honourable
Speaker,
68.
In order to make the VAT Act and Rules more transparent and trade-friendly and
to make the activities of the taxpayers and VAT officials more accountable,
amendments, additions and abolition of some of the provisions of the said Act
and Rules are proposed.
69.
Change, reforms and progress are signs of life. On the other hand, stagnancy,
resistance to change and backwardness are signs of decay and decline. Therefore,
we have undertaken measures to continuously upgrade and reform our tax
administration in line with the trend of global trade and development. As part
of this initiative we are now implementing a technical assistance project for Customs
Administration Modernization (CAM-1)
with World Bank financing. The work being done under this project are :
computerized customs assessment and data processing, selection of imported
consignments for detailed inspection on the basis of risk-based
selectivity module,
computerization of bonded warehouse management, post-clearance audit,
strengthening internal audit and control and training of customs officials. The
objectives of these reforms are aimed at making the customs administration
modern, simple and free of harassment of the tax payers. One distinctive feature
of CAM-1 project is that side-by-side with local and foreign consultants a
number of customs officials are working full-time in the project. After the
completion of the project these customs officials would be able to enrich
customs department through transfer of technical know-how when they revert to
the customs department.
70.
In the area of VAT system a technical assistance project “Strengthening and
Modernizing VAT administration” with assistance from Department for
International Development (DFID), UK, is now under implementation. Main
objectives of this project are to help the VAT wing of NBR in the following
areas: support to VAT policy formulation, corporate planning and management;
strengthen VAT audit, enforcement and investigation of fraud and implement tax
payers’ education programme.
71.
The worldwide trend today is globalization of trade and expansion of electronic
trade and commerce. In order to improve the standard of service of the tax
machinery and to create an efficient and harassment free tax collection system
the government has taken up a four-year technical assistance project with the
assistance of DFID and World Bank. This project will equip the Income Tax
Department with the technology and know how in terms of Management Information
System (MIS), internal audit and professional knowledge so that there is overall
augmentation of revenue earning from direct tax.
Honourable Speaker,
72.
Immediately before the assumption of power by the present government, that is,
in the year 1995-96 total tax revenue collection by NBR was Tk 11,370 (eleven
thousand three hundred and seventy) crore. Under the present government revenue
collection registered a steady growth and is expected to reach Tk. 18,300
(eighteen thousand three hundred) crore that is, an increase of over 60 percent.
I am pleased to announce to this august house that tax revenue collection by NBR
during current fiscal year is quite satisfactory. The revenue target of NBR for
FY 2000-2001 was fixed at Tk 18000.00 crore. Revenue collection by NBR up to
31st May, 2001 stands at Tk. 16,095 crore which is about 2.93 percent higher
than the target and about 22.50 percent higher than the collection for identical
period (July 1999-May 2000) of the previous fiscal year. Taking into account
satisfactory revenue trend of the last 11 months the revenue target for this
fiscal year has been revised upward at Tk. 18,300 (eighteen thousand and three
hundred) crore and I am confident that we will be able to achieve this revised
target.
73. The major
reasons for this year’s encouraging tax revenue collection are: accelerated
rate of economic growth, increase in import, implementation of some significant
fiscal reforms by our government and closer supervision and monitoring
instituted in the tax administration. Needless to say that some of the
beneficial impact of fiscal reforms already undertaken by the present government
is already evident in the revenue collection. I firmly believe that full
implementation of our ongoing fiscal reforms will enable us to establish a
modern, simplified, accountable, transparent, hassle-free and efficient tax
administration.
Honourable Speaker,
74.
In order to stop forgery of Non-Judicial Stamp Paper used in the sale and
purchase of land in the country "
Duty Payment (Additional Procedure) Rules, 2000" has been implemented.
The noted Rules prohibit printing and sale of non-judicial stamps of value
/denomination in excess of TK 100. This step has helped to curb forgery and
corruption in the sale and purchase of high-value Non-Judicial Stamp Papers. As
a result of this the revenue earning of the government from this source is
expected to increase.
Honourable Speaker,
75.
The efforts of our government is not only limited to the adoption of measures to
improve the effectiveness of the current tax policy and the tax administration
only. We are also looking forward to making our tax system compatible with the
need of the future. With this end in view the government has decided to set up a
Reform Commission soon to further modernise and strengthen our tax system so
that it meets the need of the time to come.
Honourable Speaker,
76. Now, I am going to place the revenue implication of major tax
proposals for FY2001-2002 before this august house. The revenue estimate for NBR
has been fixed at Tk. 20,730 (twenty thousand seven hundred and thirty) crore
for FY2001-2002. Because of tax exemption in case of Income tax, there will be a
revenue loss of Tk. 35 crore. On the other hand, due to expansion of tax base
there will be a revenue gain of Tk.
75 crore. Consequently, there will be a net increase of Tk. 40 crore under this
head. Implementation of proposals for reduction of customs duty is expected to
result in a revenue loss of Tk. 23 crore
and there would be a gain of Tk. 28
crore for increase of duty rates. Consequently, there would be a net gain of Tk.
5 crore. Proposed VAT and supplementary duty exemptions would result in a loss
of Tk. 22 crore. Imposition of VAT and Supplementary duty would raise an
additional revenue of Tk. 5 crore. Hence, net loss in revenue under this head
would be Tk. 17 crore. Improvement of efficiency in tax administration,
modernization of tax collection process and closer monitoring and supervision by
NBR would hopefully bring an amount of Tk. 725 crore. The remaining amount is
expected to be generated from autonomous growth of revenue.
Honourable Speaker,
77.
I want to reiterate that the accelerated trend of
free market economy and globalization of trade at the dawn of the new
millenium has not only opened up tremendous possibilities for a developing
country like ours, it has at the same time placed us at the forefront of a
fiercely competitive world. One of the fundamental and so to say, cruel
realities of free market principles is that, under such system only the
efficient and able industrial and business establishments will ultimately
survive and flourish while the inefficient ones will slowly perish as a natural
consequence. Hence, to successfully survive in an intensely competitive
globalized world we need rapid industrialization, expansion of export, increase
in productivity and effective system of financial management, creation of an
investment friendly environment and after all an efficient system of
macroeconomic management.
78.
In short, for a developing country like ours the need for macroeconomic
stability and a peaceful, trouble-free and development-friendly atmosphere is
indispensable for the success of the fiscal policy, increase in investment and
overall economic growth. Macroeconomic stability and reduction of uncertainty
allow investment and saving decisions to be made in a way consistent with
underlying economic fundamentals, which promote an efficient allocation of
resources. Macroeconomic stability is a pre-condition for boosting confidence,
which in turn promotes inflow of foreign capital and domestic investment.
79.
Creation of such macroeconomic stability requires consensus and united efforts
of the government, the opposition and all sections of the society. Hence, I
earnestly call upon all political parties irrespective of their ideologies, the
civil society, professionals, intellectuals and the working masses to unite and
work jointly for the development of our dear motherland. Our aim is to establish
a society as envisaged by poet Rabindranath Tagore in the following words :
"Where
the mind is without fear and the head is held high;
Where
knowledge is free;
Where
the world has not been broken up into fragments by narrow domestic walls;
Where
words come out from the depth of truth;
Where
tireless striving stretches its arms towards perfection;
Where
the clear stream of reason has not lost its way into the dreary desert sand of
dead habit;
Where
the mind is led forward by thee into ever-windening thought and
action-...."
80. I earnestly believe that by the grace of Allah,
the Almighty, we shall overcome our difficulties through collective efforts and
shall be successful in establishing a just, equitable and prosperous democratic
social order in Bangladesh.
Honourable Speaker,
81. Before I conclude, I want to pay my deep homage to the martyrs of our
war of liberation whose supreme sacrifice earned us a separate national identity
and an independent nation where we can dream of a happy, prosperous and a golden
future. To quote from the words of our beloved poet
Shamsur Rahman :
"O great martyrs, we cannot accept the unkind
truth that
You are no longer in this Bengal, Rather
Whenever we agitate for coronation of beauty and good
whenever we unite to chase out the beasts
we deeply feel your presence right beside us.
Your eyes glow with radiance of humanity
Held in your hand, the beacon of the brightest
future.
In our united movement for advancement
Flowers bloom in abundance
Birds sing, their music echoes to the sky."
Joy
Bangabandhu
Long
live Bangladesh
******
Summary of
revision of revenue measures
taken since
July 1, 2000
Import Duty :
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Sl. No. |
Description of goods |
Customs Duty |
Regulatory duty |
Remarks |
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Old |
Decrease |
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(2) |
(3) |
(4) |
(5) |
(6) |
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