Bangladesh Finance Minister AMA Muhith in the proposed budget for FY2018 has proposed to cut corporate tax to 15 percent from 20 percent for the RMG sector, but the minister did not mention the rate of tax at resource in his budget speech.
Apparel makers reiterate their demand for withdrawal of tax at source for the next two years to overcome the ongoing critical situation. The industry people also urged the government to increase the export incentive to 5 percent instead of existing 3 percent for the next five years.
At present, RMG makers are paying 0.70% tax at source. In the current fiscal year, the government proposed 1% tax at source for the apparel industry. Later, it was reduced to 0.70% through a circular, which would expire on June 30 this year.
As a result, the clothing industry is likely to fall under the category of 1% tax at source after the time frame.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Md Siddiqur Rahman at a press briefing in his reaction to the proposed budget for the Fiscal Year 2017-18 said that as of now, the proposed budget is not friendly to the countryâ€™s RMG sector. Considering the contribution of the RMG sector, the government have been urged to re-evaluate their demand.
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