NOAB demands lowering of tax rates on newsprint, profit

The Newspaper Owners' Association of Bangladesh (NOAB) has reiterated its call to revise downward the tax rates on newsprint imported by newspapers.

During a pre-budget consultation meeting with the National Board of Revenue (NBR) on Sunday at the Jatiya Rajassa Bhaban, the Association also sought reduction of corporate tax rate for newspapers.

NBR Chairman Abdur Rahman Khan presided.

Duties and taxes on newsprint are now levied at the rate of 30 per cent on its import value. And the corporate tax rate is 27.5 per cent in the case of newspapers.

Presenting the proposals on behalf of the NOAB, its president Mr A. K. Azad said import duty on newsprint should be brought down to 2.0 per cent from 5.0 per cent, VAT rate to 5.0 per cent from existing 15 Per cent and corporate tax to the lowest level.

He said despite being a service industry, newspapers have been deprived of their due incentives. He expressed the hope that the interim government would attach due consideration to the NOAB proposals

Mr Matiur Rahman, editor and publisher of Prothom Alo and treasurer of NOAB and Mr Shamsul Huq Zahid, editor of The Financial Express and member of NOAB, also spoke at the meeting.

Mr Abdur Rahman Khan assured the NOAB members of doing what is necessary to fulfill their genuine demands.

The revenue board chief assured the newspaper owners of allowing transaction value on import of newsprint instead of existing arbitrary value at the time of customs assessment at port.

He also vowed to explore the possibility on reduction of Advance Income Tax on newsprint import in the upcoming national budget.

Income tax policy member AKM Badiul Alam and VAT policy member Dr Md. Abdur Rouf were present at the meeting, among others.