Bangladesh Jute Association Wants Recognition of Raw Jute as Agri Product

Bangladesh Jute Association (BJA) wants recognition of raw jute as an agri-product so that it gets the facilities as are being enjoyed by other such exportable products.

The association has already placed its five-point proposal to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for submitting it to the ministry of finance and the National Board of Revenue (NRB) for incorporating in the upcoming national budget for fiscal year (FY) 2014-15.

Other points of the Bangladesh Jute Association (BJA) proposal include: waiver of interest on loans for two quarters to help recover the losses incurred due to political unrest in 2013 and providing loans to the raw jute exporters at an 8.0 per cent rate of interest. Besides, the BJA has also proposed for reduction of all container and other charges at Mongla Port.

Moreover, it has proposed withdrawal of the condition relating to the existing 0.80 per cent tax at source on exports of raw jute.

The raw jute exporters earn nearly Tk 20 billion as foreign currency each year.

Bangladesh produces about 6.0 to 6.5 million bales of raw jute every year. Of the same some 3.0 to 3.5 million bales are used in local jute mills and the rest are exported.