The National Board of Revenue or NBR has been requested by the garment makers to provide value added tax (VAT), customs and income tax-related policy support so as to help the sector effectively deal with COVID-19 fallouts, make a rebound and maintain its competitive edge in the global market.
A BGMEA delegation, comprising amongst others, the trade body’s First Vice-President Syed Nazrul Islam; Directors Asif Ashraf, Mohammed Meraj-E-Mostafa, former Director Munir Hossain, Vice-Presidents Md. Shahidullah Azim, Md. Nasir Uddin and Rakibul Alam Chowdhury and former BGMEA Presidents Md. Shafiul Islam Mohiuddin and Abdus Salam Murshedy, and led by Faruque Hassan (BGMEA President), held a meeting with Abu Hena Md. Rahmatul Muneem, the NBR Chairman recently, wherein they made this call.
In the meeting, the garment makers’ body, reportedly, requested the Government to bring the rate of the income tax deduction on incentives down to zero per cent from the current 10 per cent, while also keep the same effective for next five years, and maintain corporate tax rate at 10 per cent for green manufacturing units and 12 per cent for other factories for the next five years.
The garment makers also sought NBR to keep 0.5 per cent source tax for the apparel sector, for the next five years.
