Bangladesh cuts AIT to 3%

Bangladesh’s government has reduced the rate of advance income tax (AIT) on the import of cement raw materials from five to three per cent, according to The Financial Express.

The National Board of Revenue issued a statutory regulatory order following a demand by cement producers, who had demanded a full waiver of AIT.

"The cut reflects that the government has realised the problem of the sector," Bangladesh Cement Manufacturers Association (BCMA) President, Mohammed Alamgir Kabir, said in a statement. However, he added that the three per cent AIT is not realistic and demanded full waiver of the tax.
Cement producers demanded a waiver of the eight per cent non-adjustable AIT imposed on imported raw materials and supply of products to ensure the sustainable development of the industry. They said the survival of the industry is at stake under an eight per cent AIT as they would have to achieve a gross profit margin of 40 per cent.