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The domestic poultry industry has suffered due to the Corona epidemic. According to the Bangladesh Poultry Industries Central Council (BPICC), the feed industry suffered a loss of about Tk 529 crore from January to May and the poultry industry as a whole lost about Tk 7,000 crore. And in the last 12 years, the price of poultry has come down to the lowest level due to this disaster. The June 2020 survey found that 35-40 percent of feed production and about 40-50 percent of sales of medicines and pharmaceuticals products declined.
In this situation, it has become a challenge to bring back the normal pace of the fish and animal feed industry. Apart from expanding the feed export market, 3 proposals have been put forward by poultry traders and entrepreneurs for the forthcoming budget to enable them to enter the export market for poultry meat, eggs and processed foods by 2025. These proposals have been sent to the concerned departments including the Ministry of Fisheries and Livestock.
The proposal calls for the existing benefits provided by the government to be extended for at least another 10 years, i.e. till 2030, in advance tax, advance income tax, taxes and duties, VAT etc. According to the entrepreneurs, due to instability in the internal trade between the major countries of the world, the exporting countries have also reduced the amount of raw material exports. Over the past few months, the prices of raw materials used in fish and animal feed have risen abnormally. In addition, container and ship fares for transporting raw materials have increased by about 300 percent. Overall, the tax exemption for the next 10 years is needed to offset the loss of COVID-19.
In addition, it is proposed to repeal the provision of 2 to 5 percent withholding tax on local procurement of raw materials by the entrepreneurs. In addition, the entrepreneurs have proposed to reduce the corporate tax of animal feed manufacturers from 15 percent to 5 percent. The reason given is that earlier the corporate tax rate was zero percent. Increased it to 5 percent in 2011; In 2014-15 it was reduced to 3 percent and in 2016 it was increased again to 15 percent.
Mohammad Ahsanuzzaman, General Secretary of the association, said the call for more activation of the poultry industry, which directly and indirectly creates employment for about 6 million people across the country, has increased for logical reasons. We have sent such a proposal to the ministry to protect the poultry industry. We hope that necessary recommendations will be sent to the Ministry of Finance and the National Board of Revenue to provide the proposed facilities
Source: Online/SZK
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