Underlining many accessory makers had to close their units or failed to recommence operations after the COVID-19 pandemic as they didn’t get sufficient financial and other support from the Government and haven’t even received the payment from the buyers yet, Bangladesh accessory makers have called upon the Government to suspend corporate tax for three years.
Media reports maintained this adding the accessory manufacturers came up with the demand at a recent pre-budget meeting with at the National Board of Revenue (NBR), headed by NBR Member (Customs Policy) Md. Masud Sadiq even as during the meeting, President of Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) Moazzem Hossain Moti presented the demands for inclusion in the budget for fiscal year 2022-23.
At the meeting, Moazzem Hossain Moti, reportedly, also maintained prices of raw materials have gone up by 500 per cent to 800 per cent in the last 2 years due to the pandemic, increased freight costs and global container crisis while adding the accessories and packaging manufacturers sell their produced goods to the export-oriented apparel and some other sectors like pharmaceuticals and leather through back-to-back letters of credit (LC) even as he went on to underline as buyers are not increasing prices of products, accessory makers are operating their factories only to keep their businesses running during the pandemic without making any profit whatsoever.
