The National Task Force for Tax Reforms (NTFTR), established by the interim government, has proposed a lengthy programme to reduce the share of trade taxes in total government revenue from about 28% currently to approximately 7.5% by 2035.
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Industry representatives attributed the downturn to increased competition from China and India, both of which have redirected exports to Europe after facing higher tariffs in the United States, intensifying price competition for Bangladeshi suppliers.
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Although the number of fresh letters of credit (LCs) opened for machinery imports rose compared with the previous year, actual settlements, or payments against those LCs, showed a net decline, suggesting that contract openings have not translated into completed imports.
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Business leaders believe the deal could elevate Bangladesh’s RMG exports to the United States from US US $ 10 billion currently to US $ 15 billion within two to three years, while also attracting higher levels of foreign direct investment.
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The platform incorporates real-time monitoring features, including a digital radar and an automated vessel tracking system, enabling live tracking of vessel movements.
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The development places Youngone among Bangladesh’s top exporters and makes it the only foreign industrial group to have achieved billion-dollar export earnings from the country.
