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Textile sector demands continuation of tax holidays
14
Mar '11
In Bangladesh, textile, jute and yarn industries have demanded to continue tax holiday benefits till 2015. In addition to that, they requested to withdraw duty on capital machinery for export-oriented industry and tax reduction on cash subsidy.

In a pre-budget discussion with the National Board of Revenue (NBR), the manufacturers and exporters urged to continue tax holiday benefits after June 2011, so local industries can survive.

They claimed that the textile manufacturers have utilized the tax holiday benefits without any irregularities. Silk industry urged the NBR not to impose any duty on import of raw materials

Textile industry urged the government to increase cash subsidy from 5.0 percent to 15 percent while jute industry made a presentation to double cash subsidy. They also urged to reduce income tax on cash subsidies to make the sector competitive in the international market.

Textile industry showed displeasure over no direction from the government on deduction of income tax on cash subsidies for exporters. Exporters demanded tax benefit for 100 percent export-oriented textile units on import of capital machinery and spare parts. The grey and finished fabrics mills sector supported their demand.

Fibre2fashion News Desk - India

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