50 Star US Inc.
The National Board of Revenue (NBR) of Bangladesh recently extended tax breaks for businesses that produce jute products for a period of three years. As per the NBR notification, makers of jute products will be eligible for a reduced tax rate of 10% up to the fiscal year 2025–2026.
In addition to the mills, the incentive will also be available to individuals who produce jute goods.
These corporations had asked NBR to extend the tax benefit until 2030 because it had ended on June 30.
The Bangladesh Jute Mills Association (BJMA) requested in September that there has been a persistent decrease in the export of jute and jute-related commodities, notwithstanding a reduction in demand in main destinations.
According to data from the Export Promotion Bureau, the nation's jute and jute goods exports decreased by 11% year over year to $289.70 million between July and October of current fiscal year.
According to local media sources, the move was applauded by the Bangladesh Jute Manufacturers and Exporters Association (BJMA) and the Bangladesh Jute Diversified Products Manufacturers and Exporters Association. This is anticipated to provide some respite to the jute sector.
Only about 120 of the 300 jute mills in the nation are allegedly in operation at the moment.
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