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RMG exporters' appeal to waive VAT on rented space disapproved
22 Feb '11
1 min read
The readymade garment exporters' request to abolish the recently revised VAT on hired premises has been disapproved by the Finance Minister who has directed the Revenue Board to take up the issue for discussion in the forthcoming budget.
It is only recently that the government while honouring the RMG exporters' request to waive the tax had slashed the VAT by 6 percent from 15 percent to 9 percent.
However, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the apex apparel association of Bangladesh, did not give its consent to such reduction in the tax, and once again urged the Finance Minister to waive it completely.
BGMEA in a letter forwarded to the Finance Minister stated that, the owners of the small and medium garment businesses are finding it difficult to bear the burden of extra nine percent charges.
It is only recently that the government while honouring the RMG exporters' request to waive the tax had slashed the VAT by 6 percent from 15 percent to 9 percent.
However, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the apex apparel association of Bangladesh, did not give its consent to such reduction in the tax, and once again urged the Finance Minister to waive it completely.
BGMEA in a letter forwarded to the Finance Minister stated that, the owners of the small and medium garment businesses are finding it difficult to bear the burden of extra nine percent charges.
Fibre2fashion News Desk - India
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