Further, the EAB has also requested for waiver of Value Added Tax (VAT) on local goods and services including full exemption on gas, water and electricity bills of export-oriented industrial units. Full exemption of VAT on local products and services will increase competition in the export industry, said Abdus Salam Murshedy, president of EAB, as reported by Bangladesh media.
In a proposal by EAB, Murshedy has said that the export-oriented RMG sector has the advantage of VAT-free exported and imported items and on some local products and services but there are still some products that are subject to VAT. EAB has also urged for reduction in source tax rate from the current 5 per cent to 3 per cent.
For fiscal 2016-17, Bangladesh has set apparel export target of $30.379 billion, with knitted and woven categories contributing $14.169 billion and $16.210 billion respectively. (RR)
Fibre2Fashion News Desk – India
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