Home / Knowledge / News / Textiles / Bangla garment and textile bodies seek tax incentives
Bangla garment and textile bodies seek tax incentives
20
Jun '16
Courtesy: BGMEA
Expressing concern over some budget proposals like increasing the source tax from 0.6 to 1.5 per cent, the associations of garment and textile industries in Bangladesh have urged the government to provide business-friendly policy support such as cut in source and corporate taxes in the budget for 2016-2017 financial year.

The 150 per cent hike in the source tax will put extra pressure on the garment and textile industries which are already facing a number of challenges, like fall in apparel prices, increase in production cost by 8-10 per cent, huge cost of factory remediation, depreciation of currencies by competing countries, they said in a joint statement.

Warning that the higher taxes would diminish their competitive edge in the international market, the associations urged the government to retain source tax at 0.6 per cent and corporate tax at 10 per cent for garment and textile industries. They also appealed to the government to reconsider their budget proposal in this regard and help the highest export earning sector sustain its export advantage and maintain growth.

The signatories to the joint statement include Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers Exporters Association (BKMEA), Bangladesh Textile Mills Association (BTMA), Bangladesh Terry Towel and Linen Manufacturers and Exporters Association (BTTLMEA) and Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association (BGAPMEA). (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 30th Sep 2016

China aims 6-7% annual output growth in textile industry

The Chinese government has set a target to achieve average annual...

Apparel/Garments | On 30th Sep 2016

Cambodian workers to get $153 minimum wage from Jan

Garment workers in Cambodia would get a minimum wage of $153 per...

Textiles | On 30th Sep 2016

South Indian mills seek cotton storage facility in Colombo

South Indian textile mills, primarily those in Tamil Nadu are looking ...

Interviews View All

Amardeep Singh
Orient Craft

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

Sunil Rathore
Lacoste India

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

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
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search