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BGMEA urges NBR to fix tax at source at previous 0.5%

Staff Correspondent
29 Nov 2022 00:00:00 | Update: 29 Nov 2022 11:04:34
BGMEA urges NBR to fix tax at source at previous 0.5%

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has requested the government to fix the tax at source on the RMG sector at the previous 0.5 per cent from the current 1 per cent for the next five years.

The garments manufacturers recently made the appeal in a letter to the National Board of Revenue (NBR).

The BGMEA letter read out that the apparel sector is now going through a difficult time owing to the prevailing global context. It will be tough to maintain the competitive edge of the readymade garment (RMG) industry without such policy support.

According to the letter, signed by BGMEA President Faruque Hassan, stated that it would be possible to maintain export competitiveness if the tax at source is made at 0.5 per cent for the next five years. The tax at source on the apparel industry has been increased to 1 per cent from the previous 0.5 per cent in the current fiscal year 2022-2023.

In the letter, Faruque Hassan said if the apparel industry remains alive, there will be newer employments while export competitiveness and revenue income can also be increased through raising competitive edge except going up the tax rate.

 

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