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Polyester (synthetic) staple fibre (PSF) and PET chips (textile grade) products are regarded as widely used material for textile industry. The main raw materials for these two products are PTA and MEG. However, it is observed that the total tax incidence on the finished goods is less than its raw material.
Ensuring compliance of decent work environment in 1,550 garment factories and imposing only 1 per cent customs duty on PTA and MEG—raw materials for PSF and PET chips—are part of the FY25 budget proposals presented by Bangladesh finance minister Abul Hassan Mahmood Ali today.
The proposed FY25 budget for the ministry of textiles and jute is $49 million.
To ensure overall welfare and improve RMG workers’ living standards, the process of creating a database by including information of three lakh workers in the first phase is under way, the minister said.
Together with this, a target has also been set to provide free primary healthcare services to 3.76 lakh workers and recreational services to 4.55 lakh workers. To protect the fundamental rights of workers, a target has been set to provide training to 49,500 workers, he said.
The proposed budget for the ministry of textiles and jute is 574 crore taka (~$49 million) for fiscal 2024-25.
Glauber salt has been written instead of disodium sulphate in the notification related to the import of raw materials for use in the weaving industry, and this is not in line with the description of the existing First Schedule, he noted.
“Considering the recommendation of the ministry of textile and to remove confusion at the import stage, I propose to amend the description in the notification by inserting disodium sulphate instead of glauber salt,” he added.
Fibre2Fashion News Desk (DS)
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