The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Sunday called on the government to completely withdraw the source tax for the garment industry for next two years, reports UNB.
“We urge the government to make the one percent source tax in the proposed budget for 2017-18 fiscal year zero,” said BGMEA president Siddiqur Rahman at a press conference held at the BGMEA Bhaban.
The BGMEA arranged the press conference to express the reaction of the garment industry following Finance Minister AMA Muhith’s proposal of the budget for Fiscal Year 2017-18 on June 1.
He said if the one percent rate of source tax is implemented in the new fiscal year, it will obstruct attaining the targeted GDP growth rate of 7.4 per cent of the country’s economy.
Siddiqur Rahman said the government in the budget 2017-2018 set the corporate tax at 15 percent reducing it from the proposed 20 percent. “We demand 10 percent of the corporate tax instead of 20 percent as well as its activation for next five years.”
BGMEA senior vice president Faruque Hassan, its vice president SM Mannan (Kochi), Vice president (Finance) Mohammed Nasir and Vice President Mahmud Hasan Khan (Babu), among others, were present at the press conference.
Source: Daily Sun, Dhaka, Bangladesh