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Source tax on exports cut further to 0.25% in Bangladesh

13
Jan '19
Source tax on exports cut further to 0.25% in Bangladesh
The Bangladesh Government recently cut source tax on export earnings further for readymade garment and other sectors to 0.25 per cent from 0.6 per cent for the current fiscal. The National Board of Revenue (NBR) issued a statutory regulatory order amending its previous order on the issue and offered the benefits from July 1 with retrospective effect.

NBR reportedly took the decision after the government was pressurised by garment makers and exporters.

The benefit would be effective for the current fiscal, according to Bangla media reports.

Exporters will be able to adjust the previous tax paid at higher rate. Source tax reduction, however, will not be applicable for earnings from jute and jute goods export.

On September 5 last year, NBR for the first time reduced the tax rate for export-oriented sectors to 0.60 per cent from 1 per cent reinstated in the budget for the current fiscal, primarily due to pressure from Bangladesh Garment Manufacturers and Exporters Association. (DS)

Fibre2Fashion News Desk – India


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