;
Home / Knowledge / News / Textiles / Bangladesh RMG sector welcomes budget
Bangladesh RMG sector welcomes budget
06
Jun '15
Leaders of the readymade garments and backward linkages in Bangladesh have hailed the national budget for 2015-16 as "business friendly", but demanded withdrawal of income tax at sources from the sector, the Bangladeshi media has reported.

"As a whole the new budget is business friendly, but we can't recognize it as textile friendly due to the unexpected taxation in the RMG and textile sector," Bangladesh garment manufacturers and exporters association (BGMEA) president Atiqul Islam told reporters in a post budget reaction at a press conference.

He said the finance minister in the budget has proposed tax in sources on the export of RMG and textile at 1 per cent from the 0.30 per cent, which would hinder the normal growth of the sector.

"Our knitwear and woven sectors would witness new risk factors due to the taxation, and we think we can't survive competing with our rival countries by tackling the risk factors," Islam said.

The BGMEA chief made a conditional commitment to the government. "We will generate more employment and take all kinds of initiatives towards attaining the status of middle income country if the tax in sources fixed at 0.30 per cent like previous year," he said

The BGMEA, BKMEA, BTMA and BGAPMEA jointly organized the press conference to draw attention of the prime minister and finance minister so they would eliminate the tax considering all aspects of the industry.

Islam thanked the finance minister for withdrawing the 15 per cent VAT on the export of firefighting equipment, electrical accessories and pre-fabricated building materials, which would help build safe, compliant and risk free RMG factory.

He, however, expressed concern over imposing 5 per cent import duty on firefighting, safe and power efficient, and infrastructural material.

Referring to the prescriptions of Accord, Alliance, ILO and buyers, Atiqul Islam said each factory has to spend Taka 5 crore to develop the working environment and safety at international standard. "Give us policy support, we will give the nation US$ 50 billion export along with generating additional 65 lakh employment in the 50th anniversary of independence," he vowed. (SH)

Fibre2fashion News Desk – India


Must ReadView All

Anthesis Group takes over key assets of Made-By

Apparel/Garments | On 20th Jan 2019

Anthesis Group takes over key assets of Made-By

Anthesis Group, the global sustainability and solutions provider, has ...

ZDHC signatory brands share tools on screened chemistry

Apparel/Garments | On 20th Jan 2019

ZDHC signatory brands share tools on screened chemistry

ZDHC signatory brands - Levi Strauss & Co, Nike, H&M and C&A – are...

Courtesy: Global fashion agenda

Apparel/Garments | On 20th Jan 2019

ASOS, PVH become partners to Global Fashion Agenda

ASOS and PVH Corp are becoming part of the Global Fashion Agenda’s...

Interviews View All

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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


January 2019

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

news category


Related Categories:

Advanced Search