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Bangladesh announces cash incentives for goods exports

Sep '19
Pic: Shutterstock
Pic: Shutterstock
Bangladesh has announced cash incentives against export of products under 37 categories, including one per cent additional special incentive for readymade garment (RMG) products, for the current fiscal. According to a Bangladesh Bank circular, RMG exporters would get the incentive in addition to the existing 4 per cent cash incentive that remains unchanged.

The textile sector would enjoy the cash incentive as an alternative to duty bonds and duty drawbacks.

The government also included consumer electronics, electrical home and kitchen appliances to the product list for the first time with 10 per cent cash incentive and boosted incentives for a number of products manufactured in economic zones and hi-tech parks.

The 2 per cent cash incentive is unchanged for those who export apparel to the Euro zone, according to a report in a Dhaka-based English-language daily.

The list included bags, shoes made from synthetic fibres, garment wastage with handicrafts (elephant grass and coconut coir) and surgical instruments.

The government reduced cash incentive for exporting elephant grass (hogla) and coconut coir to 10 per cent from 20 per cent.

The 20 per cent cash incentive the diversified jute products enjoyed in the previous fiscal remained unchanged, while the incentive for export of jute yarn and twine remained 7 per cent and the incentive for jute hessian, sacking and carpet backing cloths also remained 12 per cent.

The government kept unchanged cash incentive at 15 per cent for the export of leather goods, light engendering products, furniture, accumulator battery and shoes and bags made from synthetic fibres and fabric.

Bangladeshi companies established in economic zones would get 4 per cent additional cash incentive for exporting shoes and bags made from synthetic fibres and fabric to new markets.

Fibre2Fashion News Desk (DS)

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November 2019

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