Economic Reporter :
Apparel sector sought waiver of tax at sources for two years to take forward further the prime export earning sector of the country.
Leaders of different associations, including Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), were addressing a pre-budget discussion meeting with National Board of Revenue (NBR) on Thursday
NBR chairman Md Nojibur Rahman was in the chair at the meeting.
“Our demand is for 0.50 percent tax at sources against the existing 0.70 percent. But the tax should keep waived for next two-year,” said BGMEA President M Siddiqur Rahman.
Terming the apparel sector as a vital one to create employment opportunities in the country, he said the sector will move further ahead if it gets tax at sources facilities.
Mentioning the present time as a crisis period for the apparel sector, Siddiqur Rahman said that Bangladesh achieved below three percent growth in last ten-year in the sector while 13 percent was average growth.
“We have responsibility to do something for keeping alive the sector,” he added.
He also underscored the need for adopting at least five-year policy in budget for export sector to avoid different decisions in every year which create problems in the work plans.
He also emphasised on implementing the new Value Added Tax (VAT) law after thinking more saying the law can hamper the mass people.
Nojibur Rahman said NBR will provide all kinds of incentives to the honest businessmen.
During the meeting, BGMEA submitted a total of 16 proposals, including lowering the corporate tax to 10 percent from 20 percent, for the next fiscal 2017-18.
Apparel sector sought waiver of tax at sources for two years to take forward further the prime export earning sector of the country.
Leaders of different associations, including Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), were addressing a pre-budget discussion meeting with National Board of Revenue (NBR) on Thursday
NBR chairman Md Nojibur Rahman was in the chair at the meeting.
“Our demand is for 0.50 percent tax at sources against the existing 0.70 percent. But the tax should keep waived for next two-year,” said BGMEA President M Siddiqur Rahman.
Terming the apparel sector as a vital one to create employment opportunities in the country, he said the sector will move further ahead if it gets tax at sources facilities.
Mentioning the present time as a crisis period for the apparel sector, Siddiqur Rahman said that Bangladesh achieved below three percent growth in last ten-year in the sector while 13 percent was average growth.
“We have responsibility to do something for keeping alive the sector,” he added.
He also underscored the need for adopting at least five-year policy in budget for export sector to avoid different decisions in every year which create problems in the work plans.
He also emphasised on implementing the new Value Added Tax (VAT) law after thinking more saying the law can hamper the mass people.
Nojibur Rahman said NBR will provide all kinds of incentives to the honest businessmen.
During the meeting, BGMEA submitted a total of 16 proposals, including lowering the corporate tax to 10 percent from 20 percent, for the next fiscal 2017-18.
