Economic Reporter :
Urging the government to reduce source tax on exports of readymade garments along with other products, Shippers’ Council of Bangladesh has said that with the increase in source tax on export from 0.25 percent to 0.50 percent readymade garments will face challenges in this critical time.
It requested to reduce the source tax on exports of readymade garments along with other products and be continued for the next five years.
The council also suggested to reduce the increased supplementary duty on the purchase & usage of SIM & RIM cards and internet usage and to waive the withholding tax on cash subsidies on export for sustaining the export oriented industry in the post-corona situation.
Md Rezaul Karim, Chairman of the Shippers’ Council of Bangladesh, thinks that the proposed budget for 2020-2021 F/Y is public welfare and business friendly and said that the budget has focused GDP growth of 8.2 percent and inflation of 5.4 percent, which is progressing and high growth targeted.
He also appreciates initiative of increasing investment and employment.
He said that more allocation have been made for the development of the agricultural sector to keep the economy afloat at this juncture of the country and all the steps that have been taken are very timely.
Subsidy in the agricultural sector has been increased to taka 9,500 crore and taka 5000 crore has been allocated for agriculture re-financing scheme, which is appreciable and it will boost this sector, Karim said.
He welcomed the initiative a tax-free income limit of Tk. 3 lac and setting a minimum income tax rate of 5 percent and a maximum income tax rate 25 percent. However, he requested to increase the tax-free income limit from Tk. 3 lac to Tk. 3 lac 50 thousand and also suggested more reduce of corporate tax.
He thanked the government for giving stimulus to the industries in the Budget but requested for exemption advance income tax and waiver of advance tax on readymade garments, leather, jute & jute products and agro-processing.
Urging the government to reduce source tax on exports of readymade garments along with other products, Shippers’ Council of Bangladesh has said that with the increase in source tax on export from 0.25 percent to 0.50 percent readymade garments will face challenges in this critical time.
It requested to reduce the source tax on exports of readymade garments along with other products and be continued for the next five years.
The council also suggested to reduce the increased supplementary duty on the purchase & usage of SIM & RIM cards and internet usage and to waive the withholding tax on cash subsidies on export for sustaining the export oriented industry in the post-corona situation.
Md Rezaul Karim, Chairman of the Shippers’ Council of Bangladesh, thinks that the proposed budget for 2020-2021 F/Y is public welfare and business friendly and said that the budget has focused GDP growth of 8.2 percent and inflation of 5.4 percent, which is progressing and high growth targeted.
He also appreciates initiative of increasing investment and employment.
He said that more allocation have been made for the development of the agricultural sector to keep the economy afloat at this juncture of the country and all the steps that have been taken are very timely.
Subsidy in the agricultural sector has been increased to taka 9,500 crore and taka 5000 crore has been allocated for agriculture re-financing scheme, which is appreciable and it will boost this sector, Karim said.
He welcomed the initiative a tax-free income limit of Tk. 3 lac and setting a minimum income tax rate of 5 percent and a maximum income tax rate 25 percent. However, he requested to increase the tax-free income limit from Tk. 3 lac to Tk. 3 lac 50 thousand and also suggested more reduce of corporate tax.
He thanked the government for giving stimulus to the industries in the Budget but requested for exemption advance income tax and waiver of advance tax on readymade garments, leather, jute & jute products and agro-processing.
