Noab demands removal of irrational taxes, duties, and VAT from newspaper industry | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Friday
December 01, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
FRIDAY, DECEMBER 01, 2023
Noab demands removal of irrational taxes, duties, and VAT from newspaper industry

Industry

TBS Report
06 February, 2022, 09:45 pm
Last modified: 06 February, 2022, 09:50 pm

Related News

  • Sugar import duty halved to cushion consumers
  • Roman Holiday: A timeless emanation of amore
  • India weighs scrapping duty on wheat imports to control prices
  • Duty evasion in refined sugar imports feared thru under-invoicing
  • Govt rolls back fuel oil import duty decision over price hike concerns

Noab demands removal of irrational taxes, duties, and VAT from newspaper industry

The NBR collects only 10% to 12% corporate income tax from the readymade garments industry whereas it levies a 30% tax from the newspaper industry

TBS Report
06 February, 2022, 09:45 pm
Last modified: 06 February, 2022, 09:50 pm
Photo: Collected
Photo: Collected

The National Board of Revenue (NBR) collects 15% VAT on imported newsprint although newspapers are exempt from VAT in the existing Value Added Tax and Supplementary Duty Act, said leaders of the Newspaper Owners Association of Bangladesh (Noab).

The NBR collects only 10% to 12% corporate income tax from the readymade garments industry whereas it levies a 30% tax from the newspaper industry.

Noab leaders on Sunday demanded the NBR waive the excessive income tax, VAT, and customs duty, to protect the gradually deteriorating newspaper industry.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

They made the demands, taking part in a pre-budget discussion with the NBR at Segunbagicha in the city. Noab President AK Azad put forward the demands on behalf of the association. 

NBR Chairman Abu Hena Md Rahmatul Muneem chaired the discussion. Other Noab members and Association of Television Channel Owners (Atco) members were also present.

Atco leaders also presented their demands during the meeting.

Highlighting the plight of the newspaper industry, AK Azad said  the duties, VAT, and income tax should be reduced considering the role of the newspaper in the greater interest of society.

Noab leaders said that a total of 36% in duties, VAT, and tax, have to currently be paid when importing newsprint, which is the main raw material for a newspaper. These include—import duties, VAT, advance income tax (AIT), and other taxes.

Moreover, 5% in AIT on raw materials import and 4% tax deduction at source (TDS) is paid on the income from advertisement, making for a total of 9%. Most newspapers do not even make a profit of 9% on their total income, he added.   

Noab leaders said newspapers that implement the wage board pay a 70% housing allowance but the NBR approves only 50%.

Newspapers also pay VAT on and are paying for content from foreign news agencies. 

AK Azad demanded the corporate tax be reduced 10- 15%, that import duties on newsprint be withdrawn, that a 70% housing allowance be approved for wage board employees, and that newspapers entities be exempt   from paying the income tax of employees, and that VAT be waived on the charges of foreign news agency content. 

Executive Member of Noab, Mahfuz Anam, said a newspaper is a social service-related business, the government has not paid a single penny in cash incentives at the time of Covid, although the government allocated huge amounts of stimulus money during the time.

"We want a waiver on taxes and VAT. Otherwise we will not be able to survive," he said.

Iqbal Sobhan Chowdhury, vice-president of Atco, said the government has set a timeline on installing set-top boxes to digitise satellite television services. But it has also increased import duties on the machinery and equipment needed to do that. The cost to subscribers will escalate when millions of set-top boxes are installed. 

He demanded exemption of import duties on such equipment for a certain period of time.

Bangladesh / Top News

Noab / News industry / duty

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A file photo of Election Commission building. Photo: Collected
    EC asks govt to transfer OCs, UNOs ahead of election
  • Illustration: TBS
    4 parties deny fielding candidates after EC data shows their contestants
  • U.S. President Joe Biden delivers a prime-time address to the nation about his approaches to the conflict between Israel and Hamas, humanitarian assistance in Gaza and continued support for Ukraine in their war with Russia, from the Oval Office of the White House in Washington, U.S. October 19, 2023. REUTERS/Jonathan Ernst/Pool
    US to impose visa bans soon on Israeli extremist settlers for West Bank violence

MOST VIEWED

  • Illustration: TBS
    I am afraid even to post a thank you note on Facebook: Khadija
  • File photo of Bangladesh Bank. Photo: Salahuddin Ahmed/TBS
    Remitters can now deposit in forex – with up to 9% interest
  • Mominul Islam. File Photo: Courtesy
    IPDC CEO Mominul to step down after 4 terms
  • Despite some positives like, changes in wordings the major things workers demand have not been reflected in the amendments. Photo: TBS
    Bangladesh could be target of US labour policy, warns Washington mission
  • Photo: Mohammad Minhaj Uddin
    Bangabandhu Tunnel: Tk4.11 crore in toll collected in first month
  • US dollar banknotes are seen in this illustration taken on 10 March 2023. Photo: Reuters
    Remittance dollar surges to Tk123, defying efforts to control it

Related News

  • Sugar import duty halved to cushion consumers
  • Roman Holiday: A timeless emanation of amore
  • India weighs scrapping duty on wheat imports to control prices
  • Duty evasion in refined sugar imports feared thru under-invoicing
  • Govt rolls back fuel oil import duty decision over price hike concerns

Features

(From Left) Sahid Hossain Mustakim, Sadia Ahmmed and Jishanul Islam are from United International University while Aadiba Tasneem Anam, who was not present at the event, studies at North South University. PHOTO: COURTESY

IPBlockchainPro: An invention by Bangladeshi students that could revolutionise the IP landscape

3h | Pursuit
Infograph: TBS

Elevate your leadership skills with free online courses

5h | Pursuit
Girls outperform boys in SSC and HSC. What prevents them from climbing higher? 

Girls outperform boys in SSC and HSC. What prevents them from climbing higher? 

11h | Panorama
Kissinger’s foreign policy and courses of action during his active years in office altered the lives of millions across the world. PHOTO: COLLECTED

Kissinger: A quiet end to a bloody legacy

14h | Panorama

More Videos from TBS

Small parties make big buzz

Small parties make big buzz

5h | TBS Stories
Saudi PIF to buy 10% stake in Heathrow Airport

Saudi PIF to buy 10% stake in Heathrow Airport

1h | TBS Economy
Are these the most thrilling hotels?

Are these the most thrilling hotels?

6h | TBS World
Is USA the obstacle to WB's climate finance?

Is USA the obstacle to WB's climate finance?

1d | TBS Economy
EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]