Dhaka, Tuesday, 26 January 2021

BGAPMEA seeks 10-12 percent corporate tax

BGAPMEA seeks 10-12 percent corporate tax

Staff Correspondent :The Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association demanded reduction of corporate tax to 10-12 per cent from the proposed 35 per cent to ensure growth of the sector. BGAPMEA president Md Abdul Kader Khan in

a press release said that despite the instruction in the national export policy to ensure same facilities for both the direct and deemed exporters, the budget proposed 35 per cent corporate tax on accessories exports while the tax was set at the rate of 12 per cent for the readymade garment exporters.

‘We urge the government to set 10-12 per cent corporate tax for the accessories and packaging manufacturing sector, like the RMG sector, as the sector plays an important role in the export business,’ he said. He has also demanded cash incentives for the sector as the RMG sector has so long been getting. ader urged the finance minister to continue source tax against exports at the rate of 0.25 per cent for the coming financial year. The BGPMEA president, however, thanked the government for allowing tax-free import of fire-fighting equipment to ensure work place safety for the export sector.
He appreciated the widening of the social safety net and easing of some rules and regulations to attract foreign direct investment but resented that the budget proposal had disheartened the deemed exporters.