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Agro-processors on Thursday said they are considering raising the retail prices of their products.
This came as their meeting with the high-ups of the National Board of Revenue (NBR) apparently failed.
The NBR on January 09 imposed VAT on agro-processed products, including tomato sauce.
Bangladesh Agro-Processors Association (BAPA) President MA Hashem said, "When the tax on finished products increases, prices will go up automatically. If prices increase, consumers will be affected."
Since the imposition of VAT, the leading businesses have been demanding its withdrawal, saying this will raise product prices and end consumers will ultimately pay the extra amount.
Earlier, at the first meeting held to press home the same demand, businessmen demanded an assurance of a reduction in VAT and duties.
The meeting was held on December 23 last year. NBR Member (Musak Policy) Dr Md Abdur Rauf, Second Secretary (Musak) Badruzzaman Munshi, and others were present there.
After the meeting, Chairman and Chief Executive of Pran-RFL Group Ahsan Khan Chowdhury said, "I think I am not able to convince the regulators well. We have not raised product prices despite losses."
He said, "I personally say the meeting was not fruitful."
The businessman also said if product prices increase, that is bad for consumers amidst the stubbornly-high inflation.