BSP concerned over Vat, newsprint duty hike

Bangladesh Sangbadpatra Parishad (BSP) has expressed concern over rise in duty on import of newsprint and value added tax (Vat).

In a statement yesterday, BSP President Barrister Mainul Hosein and General Secretary Salah Uddin Ahmed MP said new tax proposal would increase substantially the cost of newsprint and seriously affect the newspaper industry.

Local industries supply only 15 percent newsprint to newspapers while the rest 85 percent is imported, they said, adding that the government did not increase advertisement revenue in the new budget that would also hit the newspapers.

They said the government could not pay the outstanding bills of advertisement for four months in the current fiscal due to shortage of fund and substantial portion of the new budget allocation would have to be spent for payment of the arrears.

The BSP leaders urged the finance minister to withdraw the new tax proposal on newsprint and to raise allocation for advertisement.