Days after the proposed budget for FY2021-22 had been presented by the Finance Minister in the parliament, textile millers in Bangladesh have called upon the Government to withdraw the value-added tax (VAT) and import duty on all kinds of manmade fibres (MMF).
Media reports maintained this while adding at a post-budget press conference at the office of Bangladesh Textile Mills Association (BTMA), the trade body made this demand for the potential growth of the non-cotton fashion industry so as to meet the global demand even if it maintained that the Government did not address this issue in the proposed budget, though the primary textile sector had been demanding this beforehand.
Addressing the press, BTMA President Mohammad Ali Khokon, although welcomed the proposed budget, but maintained, “if we want to grab more of the global market share, we will have to choose the manmade fibre,” even as the trade body underlined that the Government should consider the request as the demand for MMF-based apparels was higher than the cotton ones globally.
