The Exporters Association of Bangladesh (EAB) has demanded continuation of source tax on export at the rate of 0.25 per cent for the next five years because of the ongoing export slowdown and global economic crisis due to the COVID-19 pandemic. The government in the budget for fiscal 2020-21 has proposed a source tax of 0.5 per cent on exports.
As many factories will shut down in the country in the next 12 months due to the pandemic, EAB president Abdus Salam Murshedy requested for an exit plan for struggling factories and demanded allocation for this in the proposed budget.The Exporters Association of Bangladesh (EAB) has demanded continuation of source tax on export at the rate of 0.25 per cent for the next five years because of the ongoing export slowdown and global economic crisis due to the COVID-19 pandemic. The government in the budget for fiscal 2020-21 has proposed a source tax of 0.5 per cent on exports.#
The trade body, in a press release, demanded reduced corporate tax for the leather and leather products exporters as well and scrapping of the provision of submitting value-added tax returns for the export sector. It also wants exemption from source tax on cash incentive against export, according to Bangla media reports.
It sought government support to set up a virtual marketplace with artificial intelligence for apparel products to reduce dependence on global buyers.
Fibre2Fashion News Desk (DS)
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