Bangladesh continues to grant export tax incentives to jute industry
According to the “Daily Star” report on July 13, Bangladesh has decided to continue to provide export tax incentives to the jute industry. Starting from the current fiscal year, the income tax rate on jute export income has been reduced from 15% to 10% till the fiscal year 2019-2020. In addition, we will continue to enjoy the preferential resource tax rate of 0.6% on export income until June 30, 2019. The main export market for Bangladeshi jute is the Middle East. However, affected by the decline in international oil prices, the demand for jute in the Middle East is weak. The tax incentives are designed to reduce the burden on Bangladeshi jute exporters.
The jute industry in Bangladesh involves about 4 million farmers and 2 million workers. The annual output is about 7.5 million bela (approximately 1.365 million tons), and the processing volume of raw hemp is about 5 million bela (approximately 910,000 tons), of which 90% of jute products are exported. Data from the Export Promotion Bureau of Bangladesh (EPB) shows that from July 2015 to May 2016, Bangladesh’s exports of jute yarn and twine were US$502 million, a year-on-year decrease of 0.55%, and jute bag exports were US$110 million, a year-on-year decrease of 16%.
But at the same time, with the implementation of the Jute Compulsory Packaging Act, the demand for domestic jute products in Bangladesh has increased significantly. Industry insiders believe that Bangladesh should pay more attention to the domestic market, continue to strictly implement the Jute Compulsory Packaging Act, and increase the mandatory use of jute packaging. types of agricultural products to ensure the vitality of the jute industry. Bangladesh continues to grant export tax incentives to jute industry
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