Home / Knowledge / News / Textiles / BTMA urges govt to continue tax holiday for new units
BTMA urges govt to continue tax holiday for new units
22
Apr '13
As part of its pre-Budget proposals submitted by the Bangladesh Textile Mills Association (BTMA) to the National Board of Revenue (NBR), the BTMA has requested the Government to continue tax holiday for new textile and apparel industries that will be set up in Dhaka, Gazipur, Narayanganj, Tongi, Mymensingh and Narsingdi until 2018.
 
Placing their 10-point demand before the NBR, the country’s apex textile mills association said the Government should cut income tax from the existing 15 percent to 10 percent  to attract more investment and to generate more employment in the sector.
 
BTMA also sought tax holiday for spinning, weaving, dyeing, printing and finishing units. It also appealed for providing a 10 percent cash incentive for dyeing, printing and finishing industries to make the country’s textile sector more competitive.
 
The textile body also urged the NBR to remove the tax at source currently being collected by the NBR at 0.8 percent on bill payment against supply under local letters of credit (L/Cs).
 
To boost up the backward linkage industry, BTMA representatives suggested that the Government should increase the cash incentive given to the export-oriented textile sector from the current 5 percent to 15 percent.
 
The textile association demanded setting up a ‘textile upgradation fund’ for spinning and weaving sub-sectors, and allocation of resources from the said fund to attract more investment in the sector.
 
The textile entrepreneurs also sought removal of customs duty and other taxes on import of spare parts, machinery and raw materials such as artificial filament tow and polyethylene terephthalate chips.
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Apparel/Garments | On 22nd Sep 2017

Sri Lankan apparel makers seek concessions to import labour

Sri Lanka’s deputy minister for national policies and economic...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search