Three rod and steel manufacturing industry associations demanded to include MS Rod in the list of vat-exempt items and to provide the vat-exempt facility till June 30, 2019, reports UNB.
Bangladesh Auto Re-Rolling and Steel Mills Association, Bangladesh Steel Mill Owners' Association, and Bangladesh Re-Rolling Mills Association made the demand to the Prime Minister, Finance Minister and National Board of Revenue, from a joint press conference, held at Dhaka Chambers of Commerce Industry (DCCI) auditorium in the city on Wednesday.
When briefing, they said if the 15 percent VAT on the steel and re-rolling industry is implemented, many companies in the industry would face financial losses, default on their loans, and even be faced with an existential crisis.
Monowar Hossain, chairman of Bangladesh Auto Re-Rolling and Steel Mills Association, read out the written statement at the press briefing.
They also said the price of MS Rod would go up by Tk 7,800 per metric ton if the VAT is imposed..