Stakeholders from Bangladesh’s leading ready-made garments manufacturers and exporters associations have called upon the National Board of Revenue (NBR) to reduce tax at the source at 0.30 per cent from the existing 0.60 per cent on export. They also urged NBR to consider it as final settlement from the budget for fiscal year 2016-2017.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) representatives, Bangladesh Knitwear Manufacturing and Exporters Association (BKMEA), and Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association have made the call at a premium budget meeting with NBR at its headquarters recently.

In the meeting, BGMEA President Siddikur Rahman urged NBR to implement the decision at least for the next three years to help the RMG sector by giving breathing time to the facility after the Rana Plaza disaster. The BGMEA head also recommended the NBR continue paying income tax at a minimised rate of 10 per cent for the next five years.

The other demands from the apparel makers include duty-free import of fire prevention machinery for a compliant industry, withdrawal of VAT from purchases made through local letter of credit, withdrawal of VAT, customs duty and advance income tax from the import of all machineries to help build compliant industries.