The knitwear manufacturers’ body in Bangladesh, the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), has submitted to the Government a crisis-management package proposal including zero-duty raw materials and trade deal with potential markets with the view to boost exports of knit-apparels in difficult times.
According to media reports, the garment makers and exporters also sought keeping unchanged the Government’s different existing policy rates, including corporate tax, tax at source, value-added tax (VAT) and tax, unchanged for next five years to help overcome the fallouts of the COVID-19 pandemic and boost Bangladesh’s exports even as they in particular, reportedly, recommend making the VAT zero-rated on all goods and services collected locally for exports, while also seeking 5 percent cash incentives on total investment in establishing new capital machinery aimed at achieving competitiveness in goods production, product diversification and bringing technological excellence.
