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Retain source tax for garments at 0.5%, urges BGMEA


In its response to the proposed budget for FY2022-23, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the government to retain the source tax for the garment industry at 0.5 per cent for the next five years.

Praising the government for its measures to boost garment exports, BGMEA appreciated the government for the proposed VAT exemption against sub-contracts for export. It also hailed the continuation of the cash assistance to exports, the retention of corporate tax rates at 15 per cent till FY2024-24, VAT exemption on polypropylene stamp fiber production and advance tax exemption on import of its required raw materials, exemption of Terephthalic Acid I Ethylene Glycol – needed for making Textile Grade Pet Chips –from any pre-requisite tax, reduction of sewage treatment plant (STP) import duty to 5 per cent, retention of the services charges of Mobile Financial Services out of income tax and decrease in eligibility limit for tax exemptions for persons with disabilities or third genders to 10 per cent or 25 per cent.


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