Home / Knowledge / News / Apparel/Garments / BGMEA seeks reintroduction of special corporate tax
BGMEA seeks reintroduction of special corporate tax
06
Apr '16
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has proposed the reintroduction of 10 per cent special corporate tax rate and reduction of tax at source to 0.30 per cent from existing 0.60 per cent in the next fiscal year for attracting investment and help sustain competitiveness.

In its budget proposals for fiscal year 2016-17, the BGMEA also demanded special tax rate sought a five-year extension for reduced tax benefit for the country's apparel makers that was last extended till 2014.

The BGMEA recently gave its proposals to the National Board of Revenue (NBR) for its consideration in the next national budget.

"Cost of doing business has increased by 12 per cent in recent times due to wage hike and transportation costs, among others, while local currency has been appreciated by 8.43 per cent against US dollar," the BGMEA said.

On the other hand, buyers are reducing prices of apparel items, it said in the proposal demanding 10 per cent special tax rate and 0.30 per cent tax at source in the next budget.

The factory owners are investing a huge amount of money in carrying out remediation works and retrofitting according to the prescription of Accord, Alliance and National Action Plan to ensure workplace safety, the association said adding the re-introduction of special tax rate and reduction of tax at source will help the sector to attract more investment.

The apparel apex body also proposed tax benefit for different segments of machinery import from various parts of the world under the same HS Code and LED light with fixture.

The BGMEA demanded 5 per cent special cash incentive for exports in new markets and 2 per cent cash support for exports in the European Union for the next three years.

The Association's other proposals include increase in audit document submission time to six months from existing three months, duty-free import facility of all kinds of fire equipment and their parts and inclusion of machinery and parts' names including LED tube light, bulbs, fire-proof paint for pre-fabricated building materials, and industrial lighting protection equipment in Statutory Regulatory Order (SRO). (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search