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BKMEA seeks removal of Tax At Source
Jun '10
According to Bangladeshi knitwear exporters, government's decision of imposing one percent tax at source for exporters is like committing suicide.

M Fazlul Hoque, President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) said that, the cost of manufacturing will increase if 1 percent Tax At Source is imposed. This tax imposition will also affect the exports value and create problems in the future for exporters to procure more orders.

The announcement of 1 percent Tax At Source was made by Finance Minister, AMA Muhith, who raised the tax from 0.25 to 1 percent.

As per Hoque, the decision of raising tax at source was made quite diplomatically, without taking in to consideration the Finance Minister's suggestions and/or objections. These sources also comment that the decision was taken without notifying the minister and policy makers.

Hoque has also made a demand for imposition of income tax as a general rule for exporters, in case the National Board of Revenue feels that exporters are paying fewer taxes.

As of now, Hoque is seeking the Prime Minister and Finance Minister's intervention as he feels that, the proposal of imposing one percent tax must be withdrawn, to save the apparel industry, which has just recovered from the world economic downturn.

Hoque has also demanded for duty-free diesel for exporters till there is an improvement in the power and energy situation of the country.

Bangladesh is likely to lose competitiveness, if China and India continue to provide extended facilities to their exporters.

A stringent strategy for the apparel industry so help them compete aggressively in the international market is the need of the hour along with blocking funds allocated to the recession fund of this sector.

Fibre2Fashion News Desk - India

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