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Bangladesh - Corporate - April 21, 2022

Import of luxury items to be controlled till global inflation normalises

Staff Correspondent: Finance Minister AHM Mustafa Kamal has said that imports of luxury goods will be controlled till the red-hot global inflation normalises and comes down to a tolerable level.
He revealed the information after a meeting of the Cabinet Committee on Public Purchase yesterday. He said that imports were never unregulated. “Necessary measures are taken to control imports regularly.
We are doing the same now. “Inflation rates are up worldwide. We also have to import goods at high prices. No restrictions have been imposed on imports of consumer goods, capital machinery and industrial raw materials related to various development projects. Because there is no problem if these products are brought to the country. ‘

“However, the Bangladesh Bank (BB) has taken an initiative to control the import of luxury items and increased the LC margin. This will stay in place until commodity prices come down in the international market,” the minister added.

Referring to the country’s widening trade deficit he said, “Our exports are growing and so are our imports.”

“Imports are always higher than the exports for Bangladesh. No matter how much growth there is in exports, it will never exceed imports,” Kamal added.

Meanwhile, considering the current high inflation, various business organisations urged the finance ministry to increase the tax-free income limit from Tk3 lakh in the upcoming budget.

Asked whether the tax-free income limit would be revised, Kamal said that no decision has been taken yet.

The National Board of Revenue (NBR) will take a decision in consultation with the concerned institutions, he added.

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