Staff Reporter :
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the government to keep the source tax unchanged at 0.25 percent for another five years.
Finance Minister AHM Mustafa Kamal, while placing the proposed national budget for 2020-2021 fiscal year in Parliament on Thursday, suggested source tax for exporters at 0.5 percent.
In its immediate reaction, the BGMEA highlighted that the source tax was reduced and re-determined at the rate of 0.25 percent at the request of the garment industry only last year.
They urged the government not to increase the rate.
The apex body of the country’s apparel sector praised the finance minister for trying to outline a realistic budget going beyond the traditional one.
The BGMEA sought swift distribution of working capital loan assistance package of Tk 20,000 crore for Small and Medium Enterprises (SMEs) and Tk 30,000 crore for large industries through commercial banks.
It also urged the authorities to reconsider the proposal of exempting VAT and return filings on locally collected goods and services.
