Home / Knowledge / News / Apparel/Garments / Bangla garment exporters want revision of tax at source
Bangla garment exporters want revision of tax at source
01
May '15
Garment makers in Bangladesh have urged the government to collect 0.3 per cent tax at source on 10 per cent of their profits from exports, instead of overall profits, according to media reports in the country.

The National Board of Revenue now collects source tax at 0.3 per cent on overall profit on apparel export by an individual company in a year, which was introduced in the current budget, scrapping the previous provision of 0.8 per cent tax on 10 per cent of profit.

The suggestion of the Bangladesh Garment Manufacturers and Exporters Association came at a pre-budget meeting with revenue officials at the NBR office in Dhaka.

Atiqul Islam, president of the Bangladesh Garment Manufacturers and Exporters Association said although the NBR reduced the source tax to 0.3 per cent from 0.8 per cent, the revenue office has started collecting the tax on overall profit, which is a major deviation from what they had actually demanded.

“We also want removal of value added tax on the local purchase of raw materials, as the option to impose such taxes is not allowed in the current law,” Islam said.

He also proposed removing all taxes on the import of materials to construct pre-fabricated factory buildings at the 'garment village' and fireproof colour coating. (SH)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

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

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

Anshul Sood
Oceedee

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

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Mohammad Hassan
Biax Fiberfilm

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Sonam & Paras Modi
SVA

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

Yash P. Kotak
Bombay Hemp Company

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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