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DHAKA: In a major boost to the Bangladesh readymade garment sector,mk outlet, Finance Minister Abul Maal Abdul Muhith has announced reduction of supplementary duty (SD) on import of woven fabrics to 20 per cent,ghd, in 2013-14 budget.Presenting the budget in Jatiya Sangsad,longchamp soldes, the Bangladesh Parliament, Muhith said,prada outlet, Woven fabrics,chrisitanlouboutinshoesbs.com, made of different raw materials and classifiable under different headings of Bangladesh customs tariff schedule are presently chargeable to 131.33 per cent duty and tax incidence,louis vuitton bags, including 45 per cent SD. Muhith said the legitimate import of woven fabrics is not increasing proportionately to the demand simply because of the high tariff. He said the SD on commercial import of woven fabrics would be reduced from the present 45 per cent to 20 per cent for financial year 2013-14 that begins on July 1,air max, 2013.The minister also proposed to exempt fully the present 5 per cent customs duty (CD) applicable to artificial filament tow to be enjoyed by textile mills on certain conditions. He said the customs duty exemption has been made in view of the increasing demand of acrylic yarn made products,true religion, including sweater,guccioutletbs, both inside and outside the country.Among other incentives, the minister proposed extension of the existing provision of charging lower rate of 15 per cent tax on jute and textile sector from June 2013 to June 2015.In addition, CD on textile materials under HS Code 3403.91.00 has been reduced from 12 per cent to 5 per cent.On the other hand,cheap ray bans, SD on other textile fabrics with Polyurethane HS Code 5903.90.00 has been increased from zero per cent to 45 per cent,ralph lauren pas cher, and concessionary benefit of five per cent given by SRO on artificial filament tow with HS Code 5502.00.10 has been reduced to zero.Talking about the country s jute industry,coach outlet store online, in his budget speech,louboutin outlet, the minister said Mandatory Packaging Act,ray ban sunglasses, 2010 has been passed to encourage the use of jute.He said the government has assumed the past liabilities of the Bangladesh Jute Mills Corporation (BJMC) amounting to Tk23.16 billion. He added that the government has taken steps to make BJMC profitable. Hopefully,Isabel Marant Sneakers, it will turn out to be a profitable entity in future, he said.During the current financial year that ends on June 30, Bangladesh s GDP growth rate is likely to be around six per cent,guccioutletbs.com, the lowest since 2009-10 when the growth rate was 6.1 per cent. The budget aims to put the growth rate back on track to 7.2 per cent in 2013-14,louboutin pas cher, by increasing spending by 16 per cent to 2.22 trillion taka in the coming year.Bangladesh government will raise public spending by 16 per cent to 2.22 trillion taka ($28 billion). He promised to improve working conditions in the garment industry after a deadly factory collapse,mulberry outlet, but he spurned calls for new public money to construct safer buildings. A senior finance ministry official suggested this week that some of those funds would go towards addressing a critical shortage of building inspectors and buying land to relocate dangerous garment factories to a planned industrial park.Agencies
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