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Bangladesh govt to provide cash benefits to apparel makers
13 Jan '14
1 min read
Apparel manufacturers of Bangladesh will get 5 percent cash incentives from the Government against their export proceeds if sent through an electronic system known as telegraphic transfer (TT), in order to help them recover the losses caused by political unrest.
According to a circular issued by Bangladesh Bank (BB), Apparel manufacturers of woven apparel, knitwear and terry towels are eligible to avail the benefits from the Government, after fulfilling conditions set by BB.
The Government would also be cutting export tax by a half and increase cash incentives by one percentage point for garment exporters, which will cost the Government around 30 billion Bangladeshi Takas.
The move was taken by the Government after three garment and knitwear makers and textile associations called on the Finance Minister in early December 2013, and placed a demand to support them to offset the extra cost following the recent hike in garment workers’ wages.
As of now, clothing made from yarn is the only sector in Bangladesh that receives cash incentives for processing export proceeds through TT.
Fibre2fashion News Desk - India
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