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BGMEA demands exemption from tax at source for at least two years

  • Published at 06:41 pm April 6th, 2017
BGMEA demands exemption from tax at source for at least two years
Bangladesh garment industry owners urged the government to exempt the sector from tax at source for at least two years. They made the call at a pre-budget discussion with the National Board of Revenue on Thursday. NBR Chairman Md Nojibur Rahman presided over the meeting. “The policy for the garment sector should be made for a minimum five-year period. Changes in policy every year create a lot of problems for us,” said Siddiqur Rahman, President of Bangladesh Garment Manufacturers and Exporters Association. Different other associations including Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), Bangladesh Jute Goods Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Textile Mills Association (BTMA) and Exporters Association of Bangladesh (EAB) attended the meeting. In the proposal, BGMEA put forward a 12-point demands which include slashing  corporate tax to 10% from the existing 20% for the five years starting from next fiscal year. BGAPMEA urged the government to allow duty-free import of pre-fabricated building material under bonded facility in the next budget to ensure workplace safety. “Manufacturers of garment accessories are facing pressure from global retailers in making factories safe. Now a good number of pre-fabricated buildings need to be painted with fire-proof quoted paint,” said BGAPMEA President Md Abdul Kader Khan. BGAPMEA leader also demanded duty-free import of fire-resistant doors, sprinkler system and equipment and emergency lights with exit signs to ensure safety compliance. BTMA Secretary General Feroz Ahmed urged the government to withdraw the minimum tax of 0.30% according to Income Tax Ordinance section 82 (C) without profit calculation. However, many of them are not making profit in recent year. The sector is also paying 15% corporate tax. BKMEA First Vice President AH Aslam Sunny demanded reduction in corporate tax to 15% from existing 35%. NBR Chairman Md Nojibur Rahman said the revenue board is trying to create appropriate atmosphere to implement the new VAT law from July 1.
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