Bangladesh’s apex garment makers’ body BGMEA has proposed the Government should continue offering the existing reduced rates of source tax and corporate tax for the next five years so that the sector could remain competitive on the global market by overcoming the pandemic’s fallout.
Media reports maintained this adding the garment makers’ body in its budget proposals for the financial year 2022-23 demanded withdrawal of the existing 10 per cent advance income tax on cash incentives given by the Government against export earnings and value-added tax exemption for the subcontracting factories.
Meanwhile speaking to the media, BGMEA Vice-President Md. Shahidullah Azim, said, “We will place our proposals before the National Board of Revenue in a pre-budget discussion…,” even as the trade body said many factories, which had not sufficient export orders, were doing subcontracting to meet their operational costs.
The BGMEA proposals further underlined factories should get VAT waiver facility as they produce 100 per cent export goods.
