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Rod, steel traders want 3-5pc VAT

10 May 2017, 20:58

Online Desk

Dhaka: Leaders of trade bodies of rod and steel industries on Wednesday demanded keeping the value added tax (VAT) at 3-5 percent for the sector.

The demand was made at a press conference arranged by Bangladesh Auto Re-Rolling & Steel Mills Association and Bangladesh Steel Mill Owners Association at the VIP Lounge of National Press Club.

Speaking at the press conference, Bangladesh Auto Re-Rolling & Steel Mills Association Chairman Manwar Hossain said if a uniform 15 percent VAT is imposed on all sectors from the next fiscal year, the price of per ton rod will shoot up by Tk 7,500.

He also said if the rod price sees a hike due to the imposition of VAT, people will be discoursed to buy those which will affect the industry. "So, we demand a tolerable VAT on rod and steel industries. It should be within 3-5 percent," he said.

Bangladesh Auto Re-Rolling & Steel Mills Association General Secretary Shahiullah said the cost of the government's ongoing projects will go up if the new VAT rate is imposed, delaying the ADP implementation.

Bangladesh Re-Rolling Mills Association President M Mahbubur Rashid and
Bangladesh Steel Mill Owners Association President Sheikh Fazlur Rahman also spoke at the press conference.

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