Kazi Zahidul Hasan :
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought measures like reduction in tax at source and duty-free import of fire safety equipment in the next budget to make the apparel industry more competitive in the global arena.
“Budgetary measures like reduction in tax at source, duty-free import of fire safety equipment and availability of credit at affordable rates will make the industry more competitive in the global market. It will also help boost our exports,” Mahmud Hasan Khan Babu, Vice-President of BGMEA, told The New Nation on Sunday.
He said: “We are now paying a 0.6 per cent tax at source against our export proceeds which seems to be a burden for the industry when cost of production has increased significantly”.
“The government should give relief the sector from the high tax burden by slashing the tax at source to 0.3 per cent in the next budget,” he said.
The BGMEA leader said that they have prepared a set of budget proposals for the fiscal 2016-17 to be placed to the National Board of Revenue (NBR) next week.
The proposals include duty-free import of fire safety equipment, LED light and other related products, he said.
When asked, Babu said, “We need an industry and investment friendly budget with a plethora of initiatives to improve fragile infrastructure and investor sentiment. It should also offer incentive for industrial units to boost production and job creation”.
Regarding the budget proposal which they will be placed to the NBR, he said, “As the budget for 2016-17 draws closer, the country’s apparel sector hopes for certain key expectations to be addressed in the Finance Minister’s budget announcement in the Parliament.
“In the previous budget, announcement relating to the taxation structure for apparel industry fell short of expectations,” he commented.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought measures like reduction in tax at source and duty-free import of fire safety equipment in the next budget to make the apparel industry more competitive in the global arena.
“Budgetary measures like reduction in tax at source, duty-free import of fire safety equipment and availability of credit at affordable rates will make the industry more competitive in the global market. It will also help boost our exports,” Mahmud Hasan Khan Babu, Vice-President of BGMEA, told The New Nation on Sunday.
He said: “We are now paying a 0.6 per cent tax at source against our export proceeds which seems to be a burden for the industry when cost of production has increased significantly”.
“The government should give relief the sector from the high tax burden by slashing the tax at source to 0.3 per cent in the next budget,” he said.
The BGMEA leader said that they have prepared a set of budget proposals for the fiscal 2016-17 to be placed to the National Board of Revenue (NBR) next week.
The proposals include duty-free import of fire safety equipment, LED light and other related products, he said.
When asked, Babu said, “We need an industry and investment friendly budget with a plethora of initiatives to improve fragile infrastructure and investor sentiment. It should also offer incentive for industrial units to boost production and job creation”.
Regarding the budget proposal which they will be placed to the NBR, he said, “As the budget for 2016-17 draws closer, the country’s apparel sector hopes for certain key expectations to be addressed in the Finance Minister’s budget announcement in the Parliament.
“In the previous budget, announcement relating to the taxation structure for apparel industry fell short of expectations,” he commented.
