Home / Knowledge / News / Apparel/Garments / Bangladesh exporters demand re-fixing corporate tax at 10%
Bangladesh exporters demand re-fixing corporate tax at 10%
12
Jun '18
Bangladesh exporters demand re-fixing corporate tax at 10%
The recent Bangladesh budget has proposed raising the corporate tax rate on manufacturers and exporters of readymade garments (RMG) to 15 per cent from 12 per cent. If any such taxpayer is a public limited company, then the rate will be 12.5 per cent. Any factory holding green building certification will enjoy tax rate of 12 per cent, according to the budget proposals.

A 5 per cent value-added tax (VAT) on branded garment outlets has also been proposed instead of 4 per cent. Besides, a 5 percent VAT will also be applicable on sale of non-branded garments in the local market.

The Exporters Association of Bangladesh (EAB) has, however, demanded reduction in the proposed corporate tax for the RMG industry by 5 per cent and to fix it at 10 per cent. It also wants the government to cut the tax at source at 0.25 per cent instead of the existing 0.70 per cent for at least five years, according to Bangladesh media reports.

The EAB said in a statement that the proposed tax at source of 1.0 per cent for the RMG industries, instead of the existing 0.70 per cent, to be made effective from July 1 this year would make the usual operations of the export-oriented RMG industries stagnant and thus reduce the capacity of the industries.

The Fashion Entrepreneurs Association of Bangladesh (FEAB) has opposed the proposal to increase VAT on the apparel items of local brands in the proposed budget as the step would pose a serious threat to the local apparel industry that engages marginalised people.

FEAB said local buyers would turn off in the face of increased VAT rate and imported apparel products would occupy the market. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Pxhere

Textiles | On 24th Jan 2019

Cabinet okays National Bench of GST Appellate Tribunal

The Union Cabinet, chaired by Prime Minister Narendra Modi, has...

Piyush Goyal likely to present Interim Budget 2019-20

Textiles | On 24th Jan 2019

Piyush Goyal likely to present Interim Budget 2019-20

Minister of railways Piyush Goyal is likely to present Interim Budget ...

Bangladesh aims to be developed by 2041: Minister

Textiles | On 24th Jan 2019

Bangladesh aims to be developed by 2041: Minister

Aiming to become a developed country by 2041, Bangladesh is working...

Interviews View All

Top executives, Machinery Company

Top executives
Machinery Company

We will promote latest technologies at ITMA Barcelona

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Smita Murarka, Amanté

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Ravindra Jain, Ashish Baid,

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

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

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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

Leave your Comments


February 2019

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

news category


Related Categories:

Advanced Search