EAB for retaining source tax at 0.5% for next 5 yrs

The Exporters’ Association of Bangladesh (EAB) has made a set of recommendations before the government for reconsidering those in the proposed budget for FY23 including retaining the tax on source at 0.5 per cent for all the export-oriented industries for the next five years.

The association thanked Prime Minister Sheikh Hasina and Finance Minister AHM Mustafa Kamal for placing a Tk 6,78,064 crore proposed budget for the next fiscal year which is expected to generate more employment and keep up the desired GDP (gross domestic product) growth.

The statement of the EAB, signed by its President Abdus Salam Murshedy, also demanded that the government keep the duty on import of solar panels for environment-friendly industries at zero per cent instead of the proposed one per cent.

The EAB also requested the government to retain the tax on source against the bank interest of the corporate taxpayers at the existing 10 per cent instead of the proposed 20 per cent.

Besides, the association also urged the government to keep the income tax against cash support for the export-oriented industries at zero per cent side by side giving approval for importing fire extinguishing equipment as rebate for replacing those.

In the case of the meat processing industry, the EAB proposed giving duty exemption on import of freezer vans and chiller vans considering those as capital machinery to boost export competitiveness of meat in the global market.

Besides, the association also requested the government to provide duty facilities on import of packaging products and spices to tap the high potentials of further processed meat.