Home / Knowledge / News / Apparel/Garments / Bangladesh govt slashes source tax on exports to 0.25%

Bangladesh govt slashes source tax on exports to 0.25%

22
Oct '19
Pic: Shutterstock
Pic: Shutterstock
The National Board of Revenue of Bangladesh has reduced source tax on export proceeds, for all sectors including readymade garment, to 0.25 per cent from 1 per cent. The move follows demand by exporters for the tax slash to make the country's exports competitive in the international market. The reduced tax rate will remain effective up to June 30, 2020.
 
Owing to demands from garment makers, the Bangladesh tax authority had reduced advance or source tax on export earnings of garment twice last fiscal year—from 1 per cent to 0.60 per cent and then to 0.25 per cent. However, the reduced rate ended on June 30 this year.
 
In the first three months (July-September) of the current fiscal year 2019-20, source tax on export earnings at 1 per cent stood at Tk 517 crore from the apparel sector.
 

Fibre2Fashion News Desk (RKS)


Interviews View All

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Textile industry, Head honchos

Textile industry
Head honchos

South India has a very strong manufacturing base

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Deepak Mundra,

Deepak Mundra

Surat-based Madhusudan Group is a vertically integrated textile...

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Wolfgang Muller,

Wolfgang Muller

Mayer & Cie is a leading global manufacturer of circular knitting...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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


November 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search