Reduced tax benefits for jute product makers extended by 3 years
The jute goods producers will enjoy the reduced tax rate of 10% until 2025-26 Fiscal Year
The National Board of Revenue (NBR) has extended reduced tax benefits for jute product manufacturing companies for another three years.
The NBR's Income Tax Wing issued a Statutory Regulatory Order (SRO) in this regard on Tuesday (7 November).
According to the NBR order, the jute goods producers will enjoy the reduced tax rate of 10% until 2025-26 Fiscal Year.
Keep updated, follow The Business Standard's Google news channel
The reduced tax benefit for the jute goods producing companies expired on 30 June. The companies then wrote to the NBR to continue this benefit.
The entrepreneurs in this sector believe that the government's initiative will provide some relief to the jute industry.
"We submitted a letter on behalf of our association, emphasising the present challenges facing the jute sector and requesting an extension of this facility until 2030. The three-year extension is a positive step for us," Abdul Barik Khan, secretary of the Bangladesh Jute Mills Association (BJMA), told The Business Standard.
According to industry insiders, there are currently 300 jute mills in the country, but only around 120 of them are currently operational. Apart from the mills, individuals involved in the production of jute products will also be eligible for these benefits.
