Home / Knowledge / News / Textiles / Bangladesh RMG sector welcomes budget
Bangladesh RMG sector welcomes budget
06
Jun '15
Leaders of the readymade garments and backward linkages in Bangladesh have hailed the national budget for 2015-16 as "business friendly", but demanded withdrawal of income tax at sources from the sector, the Bangladeshi media has reported.

"As a whole the new budget is business friendly, but we can't recognize it as textile friendly due to the unexpected taxation in the RMG and textile sector," Bangladesh garment manufacturers and exporters association (BGMEA) president Atiqul Islam told reporters in a post budget reaction at a press conference.

He said the finance minister in the budget has proposed tax in sources on the export of RMG and textile at 1 per cent from the 0.30 per cent, which would hinder the normal growth of the sector.

"Our knitwear and woven sectors would witness new risk factors due to the taxation, and we think we can't survive competing with our rival countries by tackling the risk factors," Islam said.

The BGMEA chief made a conditional commitment to the government. "We will generate more employment and take all kinds of initiatives towards attaining the status of middle income country if the tax in sources fixed at 0.30 per cent like previous year," he said

The BGMEA, BKMEA, BTMA and BGAPMEA jointly organized the press conference to draw attention of the prime minister and finance minister so they would eliminate the tax considering all aspects of the industry.

Islam thanked the finance minister for withdrawing the 15 per cent VAT on the export of firefighting equipment, electrical accessories and pre-fabricated building materials, which would help build safe, compliant and risk free RMG factory.

He, however, expressed concern over imposing 5 per cent import duty on firefighting, safe and power efficient, and infrastructural material.

Referring to the prescriptions of Accord, Alliance, ILO and buyers, Atiqul Islam said each factory has to spend Taka 5 crore to develop the working environment and safety at international standard. "Give us policy support, we will give the nation US$ 50 billion export along with generating additional 65 lakh employment in the 50th anniversary of independence," he vowed. (SH)

Fibre2fashion News Desk – India


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

Courtesy: Urban Outfitters

Apparel/Garments | On 20th Feb 2018

Urban Outfitters Q4 FY18 sales climb 5.7%

The net sales of Urban Outfitters, Inc., a leading lifestyle products ...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mark Paterson
Technical Absorbents Ltd

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Tony Ward
Tony Ward

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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