BTTC recommends halving of import duty on gold

Online Desk

Bangladesh Trade and Tariff Commission (BTTC) has recommended halving the gold import duty in view of the application of the Bangladesh Jewelers Association (BAJUS).

Tariff Commission sources said that the organisation has recommended to reduce the import duty from 10 to 5 per cent, reports The Daily Sun.

At the same time, to encourage investment and production of the gold refinery industry in the country, the commission has recommended reducing the duty on import of equipment from 5 per cent to 1 per cent and TTI from 31 per cent to 26.2 per cent.

The sources said the commission has also recommended that the gold import duty for partial refiners be reduced from 10 to 5 per cent in the upcoming budget. And the organisation says that this is a logical recommendation.

According to the observations of the Tariff Commission, a new sector of industrialisation will be created in Bangladesh if gold is refined by setting up its own plant. Skilled manpower will be created along with investment and technology acquisition. Apart from this, there will be diversification in the export products besides meeting the domestic demand of gold bars of the country.

Bd pratidin English/Lutful Hoque