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BGMEA in Bangladesh seeks policy support from NBR
28 Jun '21
1 min read
Pic: Shutterstock
A delegation of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by its president Faruque Hassan recently met and urged National Board of Revenue (NBR) chairman Abu Hena Mohammad Rahmatul Muneem to offer policy support related to customs, value-added tax (VAT) and income tax for the readymade garment (RMG) industry to help the sector recover from the impact of the ongoing pandemic.
The delegation sought NBR assistance in its fight to retain the RMG industry’s competitiveness in the global market.
It also urged the government for continuation of the existing 0.5 per cent source tax for the sector for the next five years and to keep the corporate tax rate at 10 per cent for green factories and 12 per cent for other factories for the next five years, according to Bangladesh media reports.
The association proposed forming a joint working committee involving representatives from both sides to address VAT, tax and customs issues being faced by the RMG industry.
The delegation sought NBR assistance in its fight to retain the RMG industry’s competitiveness in the global market.
It also urged the government for continuation of the existing 0.5 per cent source tax for the sector for the next five years and to keep the corporate tax rate at 10 per cent for green factories and 12 per cent for other factories for the next five years, according to Bangladesh media reports.
The association proposed forming a joint working committee involving representatives from both sides to address VAT, tax and customs issues being faced by the RMG industry.
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