India Implements 4% Taxation System For Jute Products In Bangladesh
Since October 11, 2011, India has implemented 4% of jute products imported from Bangladesh.
Taxation system
The jute industry has been hit hard.
According to Mohammad Shams-uz-Zoha, chairman of the Bangladesh jute Spinning Association (BJSA),
India
The government originally planned to implement the taxation system in January 2011. However, after the consultation of the Ministry of Commerce of Bangladesh, the order was withdrawn and postponed indefinitely.
The India government once again paid taxes on Bangladesh jute products without prior notice, which brought second strikes against Bangladesh jute industry.
In August this year, the India rupee fell against the US dollar, which led to the fact that the importers of India could not purchase smoothly.
Gross value
Up to 3 billion 500 million Dhaka (1 US dollars to 76 Dhaka) jute products.
This problem was solved by Meng Shang's proposal to settle accounts in euros.
According to Ahmed Hossain, former president of BJSA, Bangladesh jute products have been affected by the recent political problems in the Middle East and North Africa, and the price of jute yarn has dropped from $750 per tonne to US $400. So the merchant has shifted its main market target to India and Mainland China. If Bangladesh government fails to negotiate with India to solve this problem, Bangladesh jute industry will be in deep trouble.
- Related reading
Bangladesh Clothing Is Expected To Receive Zero Tariff Entry Into The US Market.
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