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Govt lowers levy on export bills for RMG exports
23
Sep '10
According to experts, the government is not paying the necessary attention to the readymade garments (RMG) sector, which is the major source of Bangladesh's export revenue.

But the recent decision of the government, to cut the levy on export bills by 0.1 percent to assist exporters to compete in the global market and also execute the new wage board award for apparel employees, has been fairly received.

The advance income tax (AIT) payable by RMG factories has been lowered to 0.40 percent. The government had formerly increased the AIT from 0.25 percent to 1.0 percent. Further, it was reduced to 0.50 percent after an appeal from the RMG employers.

As per the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), around 40 percent of the RMG factories will be shut down in the near future, if the government does not take the necessary action in time.

These factories have been insisting on government support for almost a year in conformity with the supports that are being extended by several exporting nations of South Asia and South East Asia.

Fibre2fashion News Desk - India

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