Editors meet finance minister, call to withdraw import duty on newsprint

The editors of print and electronic media have demanded the withdrawal of existing import duty and reduction of corporate tax on newsprint in the budget for next 2021-22 fiscal year as the Covid-19 pandemic-hit newspaper industry. They also advised for taking necessary measures to prevent the waste of public funds.

The editors made the call at a virtual pre-budget discussion with Finance Minister AHM Mustafa Kamal on Thursday. The minister briefed the media after the meeting.

Editor and publisher of The Daily Star Mahfuz Anam, Channel i's head of news Shykh Seraj, editor of Bangladesh Pratidin, Naem Nizam, and editor of daily Amader Notun Somoy Nayeemul Islam Khan, among others, joined the meeting.

Governor of Bangladesh Bank Fazle Kabir, chairman of the National Board of Revenue Abu Hena Md Rahmatul Muneem, secretary to Financial Institutions Division Md Asadul Islam and finance secretary Abdur Rouf Talukder were also present.

Newspaper industry has been facing losses over a year because of coronavirus. Earnings have shrunk. Newsprint is the main raw material for newspapers. There are several industrial raw materials that have zero tariff on import, but newsprint is subject to 5 per cent import duty plus 15 per cent VAT (value added tax) and 5 per cent advance tax.

Last month, the Newspaper Owners' Association of Bangladesh (NOAB) at a meeting with the National Board of Revenue demanded waiving of the import duty and proposed a reduction in corporate tax from 32 per cent to 12-15 per cent.

The editors also raised the issue at Thursday's meeting with the finance minister. The minister told the news persons, "The team involved in budget formulation will work on these recommendations. We will do as much as we can."

According to the meeting sources, editor of The Daily Star Mahfuz Anam said the newspaper industry is not that big that the government can earn much from. So, the government can consider their demands and eventually the industry will survive.

Various offices of the government have an arrears of more than Tk 1 billion (100 crore) in advertisement to the media outlets. A demand was made at the meeting for the payment of arrears.

In reply to a query on food security during the post-meeting briefing, the finance minister said, “Agriculture is our lifeline. Necessary assistance will be provided to the agriculture sector. Use of modern technology will be ensured in producing all agro-processed products. There will some incentives to encourage educated people who want to venture into agriculture.”