CPD RMG Study Stitching a better future for Bangladesh
Every day, CPD RMG Study team reveals what’s on our economic and apparel radar and curates a selection of the best reports, opinion, and analysis you may have missed
Govt prods apparel firms in shared buildings to fix flaws
The government has started talks with the authorities of readymade garment (RMG) factories located at shared or rented buildings to expedite the post-inspection remediation work under the national initiative, the Financial Express reported.
As part of the government’s move to complete the remediation in some 1,549 garment factories inspected under the national initiative by June, 2018, the Department of Inspection for Factories and Establishments (DIFE) held meetings with the factories in Chittagong on Sunday and Monday, the report added.
Corruption, bureaucratic ineptitude among hurdles
Corruption, bureaucratic inefficiencies and lack of transparency are, among others, the major impediments in attracting foreign direct investment (FDI) in Bangladesh, according to a recent report of USTR, the Financial Express reported.
The Office of the United States Trade Representative (USTR) in its report – “2017 National Trade Estimate Report on Foreign Trade Barriers” – also identified extortion of money from businesses by individuals claiming political backing as another barrier for trade and investment in the country, the report added.
Export source tax cut to 0.7pc
The government has reduced the income tax at source on export earnings to 0.70 per cent from the existing 1 per cent for the current fiscal year 2017-18 following demands of exporters, New Age reported.
The National Board of Revenue on Saturday issued a statutory regulatory order lowering the tax, known as export tax, for all sectors except jute and jute goods with retrospective effect from July 1, the report added.
