BCMA requests the removal of non-adjustable income tax

The leaders of the Bangladesh Cement Manufacturers Association (BCMA) have requested the waiver of an eight per cent non-adjustable advance income tax (AIT) imposed on imported raw materials and the supply of products, according to The Financial Express.

"The gross profit of the cement manufacturing industry declined compared to previous years. It will be a question of survival if the eight per cent AIT is not waived," said Mohammed Alamgir Kabir, the president of the BCMA.

Mr Kabir stated that a company would have to reach 40 per cent gross profit with the new rate of tax, while also noting that five per cent AIT was imposed on imported raw materials in the previous fiscal years.

"This five per cent AIT was adjustable. But the provision of minimum of five per cent AIT was included in the last FY creating burden on the sector," said the BCMA president.

Cement factories located within the country’s economic zones are reportedly waived from paying the tax.