Home / Knowledge / News / Apparel/Garments / Bangladesh govt asks NBR to reduce tax on apparel exports
Bangladesh govt asks NBR to reduce tax on apparel exports
13
Jan '14
Bowing down to the pressure from apparel exporters, the Bangladesh Government has asked the National Board of Revenue (NBR) to reduce tax on apparel exports.
 
In a letter issued last week, the Ministry of Finance has directed the NBR to lower the tax on apparel and textile exports from the existing 0.8 percent to 0.3 percent, reports Financial Express.
 
The garment manufacturers and exporters from the country will enjoy the benefit of the tax reduction till June 2015. The lowering of the tax would cost the NBR about Tk 10 billion in revenue.
 
Last Month, the Bangladesh Finance Minister AMA Muhith had announced the decision to lower the tax rate on apparel exports from 0.8 percent to 0.65 percent owing to the repeated demands from Bangladeshi ready-made garment (RMG) manufacturers.
 
However, the RMG manufacturers and exporters were disappointed with the rate and appealed to the Government to lower it further to 0.25 percent.
 
The Bangladesh apparel sector has been facing severe issues in recent months due to the political unrest and garment manufacturers of the country have stated that business had slowed down significantly due to severe disruptions in transportations.
 
During the first six months of the current fiscal year, the exports of ready-made garments from the country increased by 19.95 percent to US$ 11.932 billion, as per the latest data released by the Export Promotion Bureau (EPB) of Bangladesh.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 6th Dec 2016

Garments, yarn export entitlement quota extended for 1 yr

Indian government has extended the export entitlement quota for...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Robert Brunner
Devereux

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search