The knitwear manufacturers have sought 1 per cent duty on import of spare parts that are used in the apparel and textile units in the FY22 budget.
Speaking to the media, Vice President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem underlined that the BKMEA along with the Bangladesh Textile Mills Association (BTMA) have jointly submitted a budget proposal to the Ministry of Finance and expressed hope that the Government would consider the recommendations put forth by the trade bodies.
As per media reports, the BKMEA has also proposed tax at source on readymade garment exports to be fixed at 0.5 per cent for the next five years and demanded that the rate of the income tax deduction on incentives be reduced from 10 per cent to 3 per cent while also proposing an exemption on export-oriented knitwear units from the obligation to file zero VAT returns and exemption of 100 per cent VAT on all products and services that are related to the export and production of this industry besides requesting to retain incentives and cash assistance provided against exports for the next five years, in the interest of the development of the industry.
We expect that the Government will consider our proposals…., reportedly, maintained the BKMEA Vice President.
