Noab seeks cuts in duties, taxes for newspaper industry
The Noab president highlighted the rising exchange rate of the dollar and its crippling impact on the newspaper industry.
The Newspaper Owners Association of Bangladesh (Noab) has urged the government to reduce import duties and other taxes for the newspaper industry, citing their detrimental impact on its growth.
Noab President AK Azad during a pre-budget discussion with the National Board of Revenue (NBR) on Sunday emphasised that high customs duties, value-added tax (VAT), and corporate tax are hampering the industry's ability to flourish.
He called for revising the import duty on newsprint down to 2%, lowering VAT from 15% to 5%, and fixing a minimum corporate tax rate, considering the newspaper as a service industry.
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At the event held at the NBR headquarters, the Noab expressed concern about the ailing state of the newspaper industry in the face of globalisation and digital media.
The Noab president highlighted the rising exchange rate of the dollar and its crippling impact on the industry, citing the increase in newsprint prices from under $600 to over $700 per tonne in a span of a few days. He attributed this primarily to the unfavourable exchange rate.
He mentioned that, despite the import duty on newsprint being 5%, the total tax incidence, including a 15% VAT and other levies such as advance income tax and transport insurance, amounts to 30%.
AK Azad, also a newly elected member of parliament, said, "In the past few years, the government has not considered any of our proposals to develop the newspaper industry. We urge that our proposals be taken into account in this year's budget."
The Daily Star Editor and Publisher Mahfuz Anam said, "I know that the tax on newspapers in India, Pakistan, and Sri Lanka is lower than ours."
NBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting, with other senior officers related to the budget also in attendance.
The NBR chairman said, "When an advantage is given, another group remains ready to abuse it. If the import duty on newsprint is reduced, all papers will come under the cover of newsprint. This has happened in the past as well."
Although representatives of the Association of Television Channel Owners were supposed to participate in the same discussion, none were present.
