Garment and textile exporters in Bangladesh have sought lowering the source tax on export earnings from the current 0.50 per cent to 0.25 per cent for the next five years.
This they, reportedly, demanded to ensure the sector’s competitiveness on the export market.
According to reports, at a pre-budget discussion with the country’s National Board of Revenue (NBR) held on 10 March (Wednesday), the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Textile Mills Association (BTMA) made this demand even as the BKMEA and the BGMEA, reportedly, also sought value-added tax (VAT) exemption on all types of goods and services procured from local markets by the export-oriented industries along with waiver from submission of VAT returns.
The BGMEA President, reportedly, placed the budget proposal at the meeting with NBR Chairman Abu Hena Md. Rahmatul Muneem even as BTMA President Mohammad Ali Khokon and BKMEA Vice-President Mohammad Hatem, respectively, placed the budget proposals on behalf of their respective associations.
