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

Apparel/Garments | On 18th Feb 2017

Bangladesh apparel sector has 95% local investors: BGMEA

Over 95 per cent of the total investors in the Bangladesh apparel...

Textiles | On 18th Feb 2017

Smriti Irani resolves cutting of carpets issue at ports

During a meeting held with stake holders of the carpet weaving...

Apparel/Garments | On 18th Feb 2017

Andhra Pradesh inks MoUs to set up 12 apparel units

At the recent CII Partnership Summit held in Hyderabad, memorandum of ...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search