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B'desh likely to slash RMG's corporate tax
24
Feb '16
Bangladesh Commerce Minister Tofail Ahmed said the government has decided in principle to lower corporate tax on the readymade garment (RMG) sector from the current rate of 35 per cent.

He also said the Seventh Five Year Plan targeted to raise the textile industry's contribution to gross domestic product to 33 per cent from the present 29 per cent. The textiles industry is Bangladesh's biggest industry.

Ahmed's comment came at a function in Dhaka where he gave away certificates and employment letters to 29 people from Indian enclaves that are now part of Bangladesh. They had received training under the Skills for Employment Investment Programme (SEIP) and have been given jobs in three garment factories.

“As a business-friendly government, we are providing all cooperation to the business community so that they can do business and contribute to the national development and the economy,” Ahmed said.

Earlier, at a meeting at the Commerce Ministry, Bangladesh Knitwear Manufacturers and Exporters Association had demanded corporate tax be slashed for the apparel sector.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Siddiqur Rahman said the RMG industry would need three million skilled workers to increase annual export revenue from the current level of $25 billion to $50 billion in next five years.

According to Rahman, BGMEA has plans to train 43,000 workers to help the apparel sector overcome a worker shortage of around 25 per cent. The BGMEA is collaborating with the SEIP in training workers. (SH)

Fibre2Fashion News Desk – India

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