New Finance Bangladesh cancels special tariff concessions for textiles
According to a report by Financial Express on June 1, Bangladesh’s tariff revenue in the 2017/18 fiscal year is expected to be 734.36 billion taka, and tariffs on some products will be adjusted. In order to improve the competitiveness of local manufacturing, import tariffs on raw materials for mobile phones, laptops and other products will be reduced to 1%, while import tariffs on finished products will be further raised. The special tariff preference for textiles will be canceled and levied at 10%. Import duties on spices including fennel, cinnamon, etc. will also be raised. Local motorcycle manufacturers will enjoy preferential tariffs on spare parts, but second-hand car tariffs will also be further increased. Bangladesh cancels special tariff preferences for textiles in the new fiscal year
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