Salehuddin for keeping supply chain of edible oil, sugar normal : Bangladesh
In a recent meeting with major edible oil and sugar refiners, the Commerce Adviser emphasized the government’s commitment to maintaining stable supply chains and ensuring affordable prices for essential commodities. He pledged to facilitate opening letters of credit (LCs) and reducing LC margins. Refiners highlighted the high VAT and taxes on sugar, calling for a review of the tax structure
“In our country, there is a vast consumption of edible oil and sugar among all the essential items and the present government wants to keep the supply chain of such items operative and normal and also to reach those to common people at rational prices. We want the support of businessmen in this regard,” he said.
The Commerce Adviser said this when the owners and representatives of country’s six major edible oil and sugar refiners met him at his Economic Relations Division (ERD) office in the capital yesterday (27 August), said a commerce Ministry press release today (28 August
Mentioning that steps would be taken to facilitate opening up letters of credit (LCs) and reducing LC margin, he said prices of commodities could not be increased by any means.
“We’ll have to minimise bad practice in trade and commerce,” he added.
The businessmen who were present in the meeting mentioned that they have to pay Taka 42 as VAT and other taxes in per kilogram of sugar which is totally unjustified and not in practice in other countries of the world.
They also demanded for reorganising the existing tax and VAT structure.
The major edible oil and sugar refiners also appraised the finance and commerce adviser about the current demand and stockpile of essential commodities in the country.
Representatives of Deshbandhu Group, Meghna Group, S Alam Group, TK Group and Citigroup attended the meeting, among others.
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Source Link : https://www.tbsnews.net/bangladesh/salehuddin-keeping-supply-chain-edible-oil-sugar-normal-927931
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