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
BGMEA says proposed budget not RMG sector friendly
The Bangladesh Garment Manufacturers and Exporters Association on Sunday said that the proposed budget was not RMG sector friendly, reiterating its demand for revoking tax at source for the sector for the next two years, New Age reported.
The report said that RMG exporters now pay tax at source at 0.7 per cent on their export proceeds as per a statutory regulatory order issued by the National Board of Revenue instead of 1 per cent set in the budget for the outgoing fiscal year (2016-17).
Bangladesh ranks 4th in clothing export to OIC countries
Bangladesh is the fourth largest exporter of clothing to the member countries of the Organisation of Islamic Cooperation (OIC), according to a report prepared by the answer company of Thomson Reuters, the Financial Express reported.
The report titled State of the Global Islamic Economy Report 2016-17 showed that Bangladeshi clothing export to the OIC countries stood at $1.34 billion in 2015, the newspaper said.
Apparel makers reiterate demand for source tax withdrawal
Apparel makers reiterate their demand for withdrawal of tax at source for the next two years to overcome the ongoing critical situation, Dhaka Tribune reported.
The report said that the industry people also urged the government to increase the export incentive to 5% instead of existing 3% for the next five years.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Md Siddiqur Rahman came up with the call on Sunday at a press briefing in his reaction to the proposed budget for the Fiscal Year 2017-18, it added.
