Textile Exporters In Bangladesh Require The Government To Reduce The Garment Tax
Bangladesh's textile industry leaders called on the government to change the proposal to increase the clothing tax. Instead, they asked for tax cuts to help exporters compete with their overseas competitors.
The budget for the 2011/12 fiscal year (July -6) includes the ready-made garments.
Clothing tax
From 0.4% to 1.5%, Bangladesh garment manufacturers and Exporters Association said the increase was as high as 275%.
Mohammad Shafiul Islam, the president of the association, said: "we urge the government to make all exports oriented.
textile
The tax is fixed at 0.25%, replacing 1.5% of the proposal.
Such a large increase will impede the development of the garment industry, and export targets will be difficult to achieve.
The People's Republic of Bangladesh
Jahangir Alam, Jahangir Alam, urged the government to raise cash incentives from 5% to 15%.
"Without raising cash incentives, we will not be able to compete with our main competitors, such as China, India or Pakistan," he said.
Insiders say that in recent months, the government has increased the price of natural gas, electricity and fuel, which has greatly affected the price.
Garment industry
Development.
The United States and Europe are the main destinations for Bangladesh's exports. However, the US and European economies are still fragile. Therefore, the industry expects that exports to the US and Europe will decline in the near future.
In addition, the government of Turkey will impose a 17% special tariff on imported garments starting next month, which may seriously affect Bangladesh's exports.
In the financial year ending in late June 2010, Bangladesh clothing exports to Turkey amounted to US $650 million.
The leaders of the two associations also requested that the duty-free tools be extended to 2015 instead of 2013, so as to help the garment industry achieve an annual export performance of US $18 billion, and the garment industry employs about 5 million 500 thousand workers, most of whom are women.
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