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Tuesday, 10 June 2008
Finance adviser AB Mirza Azizul Islam has said zero customs duty on foods, fertiliser, medicines and raw cotton will continue.

In the budget speech Monday, the adviser proposed to cut the concessionary rate of duty on capital machinery and spares from 5 percent to 3 percent, duty on basic raw materials from 10 percent to 7 percent in the interest of local industries.

He also proposed to reduce duty on intermediate raw materials from 15 percent to 12 percent and put the highest slab, for finished products, at 25 percent.

In the interest of quick clearance and simplification of customs procedure of imported machinery and spares by the export-oriented enterprises, the adviser proposed to repeal the indemnity bond system and replace it with a concessionary rate of 1 percent customs duty.

For import of machinery for textile industries, similar benefit of 1 percent concessionary rate and for import of some other spares and inputs, a special rate of 3 percent instead of 5 percent has been proposed.
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