India Implements 4% Taxation System For Jute Products In Bangladesh
India started in October 11, 2011 for Bangladesh.
Imported
The implementation of the 4% taxation system for jute products has been a major blow to the jute industry in the country.
According to Mohammad Shams-uz-Zoha, chairman of the Bangladesh jute Spinning Association (BJSA), the India government originally planned to implement the taxation system in January 2011. However, after the Ministry of Commerce of Bangladesh came forward with consultations, it resumed the order and postponed it indefinitely.
The India government once again paid taxes on Bangladesh jute products without prior notice, to Bangladesh.
jute
Industry has brought second strikes.
In August this year, the India rupee fell against the US dollar, which led to the failure of the Indian Importers.
Purchase
The total value of the former was 3 billion 500 million Dhaka (1 US dollars to 76 Dhaka) jute products.
This problem was solved by Meng Shang's proposal to settle accounts in euros.
According to Ahmed Hossain, former president of BJSA, Bangladesh jute products have been affected by the recent political problems in the Middle East and North Africa, and the price of jute yarn has dropped from $750 per tonne to US $400. So the merchant has shifted its main market target to India and Mainland China. If Bangladesh government fails to negotiate with India to solve this problem, Bangladesh jute industry will be in deep trouble.
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