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Shrimp and fish exporters want discount at source

Industry: Agriculture & Livestock, Fisheries

The Bangladesh Frozen Food Exporters Association (BFFEA) has requested a reduction of tax at source on the export of frozen shrimp and other fish to 10.25 percent in the upcoming budget, as opposed to the current 1 percent rate. Due to the shortage of raw materials, processing factories have been operating at only 15% capacity for over a decade, leading to a decline in exports. The COVID-19 pandemic and the Russia-Ukraine conflict have also resulted in reduced demand and prices of shrimp and fish in Bangladesh.

BFFEA argues that the financial condition of processing factories is terrible, and the tax at source should be increased to 1.25 percent, given that not all export sectors make profits at the same rate. Additionally, the BFFEA believes that the cash assistance provided by the government needs to be reevaluated, as levying advance income tax on non-income cash assistance is not justified. The BFFEA also advocates for bonded warehouse facilities for frozen shrimp and fish processing and exporting establishments, which could increase exports and create jobs.

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