BGMEA seeks budgetary support for policy

To preserve competitiveness, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) seeks financial help against garment sector exports as well as a reduction in income tax rates on source.

These remarks were made by BGMEA President SM Mannan (Kochi) at an exchange meeting with media in the nation’s capital.

Present at the event were the current members of the Board of Directors, as well as the mayor of Dhaka North City Corporation and former president of BGMEA, Atiqul Islam, former president of BGMEA, Abdus Salam Murshedi, and the adviser on industry and trade for the Awami League, Siddiqur Rahman.

In a written statement, the president of BGMEA stated that “Our goal is to export US $ 100 billion from the apparel industry by 2030. To accomplish this, we require policy assistance from the government. For this reason, we suggest that the tax at source against exports be lowered in the upcoming budget from 1 per cent to 0.50 per cent as it was previously, that the income tax deduction rate on cash assistance be lowered from 10 per cent to 5 per cent, that the income tax on ERQ is lowered from 20 per cent to 10 per cent, and that the incentive be maintained through 2029.”