The Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), a platform of backward linkage industries vital for the readymade garment industry, has called upon the Government to set the tax at source at 0.25 per cent and corporate tax at 12 per cent for the next fiscal year so as to help the sector tackle the economic fallouts of the COVID-19 pandemic even as the accessories makers have to pay 32.5 per cent corporate tax and 0.5 per cent source tax currently.
This was maintained in media reports, which underlined that the BGAPMEA made this call in its budget proposal for fiscal 2021-22 to the National Board of Revenue (NBR) on 8 March (Monday), while the same is supposed to come up for discussion with the sector people on 10 March (Wednesday) in a meeting, supposed to be presided by the NBR Chairman.
Speaking to the media, BGAPMEA President Abdul Kader Khan, reportedly, maintained that the coronavirus pandemic has severely impacted Bangladesh’s apparel sector and as a backward linkage industry, accessories makers also suffered.
We are earnestly requesting the Government to set source tax at 0.25 per cent and reduce corporate tax to 12 per from the existing 0.50 per cent and 32.5 per cent, respectively, for the next fiscal year, stated the BGAPMEA President.
