The Bangladesh Steel Association proposed taxation on imported steel

According to foreign media reports, Bangladesh’s domestic building materials manufacturers urged the government to impose tariffs on imported finished materials to protect the domestic steel industry yesterday. At the same time, it also appeal for the increase of taxation for the import of prefabricated steel in the next stage.

　　 Previously, Bangladesh Steel Building Manufacturers Association (SBMA) put forward a proposal to cancel the tax-free preferential policies for foreign companies to establish factories in the economic zone to import finished steel products.

　　SBMA President Rizvi said that due to the outbreak of COVID-19, the construction steel industry has suffered a significant economic loss of raw materials, because 95% of industrial raw materials are imported into China. If the situation continues for a long time, it will be difficult for local steel manufacturers to survive.