BGMEA urges NBR to provide customs, VAT and tax related policy supports to the RMG industry

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BGMEA urged the National Board of Revenue (NBR) to provide policy supports related to customs, VAT and income tax for the RMG industry to help the sector recover from the ongoing effects of Covid-19 and assist to retain its competitiveness in the global market.

A delegation of BGMEA led by President Faruque Hassan made the request during a meeting with NBR Chairman Abu Hena Md. Rahmatul Muneem at NBR in Dhaka today.

The BGMEA delegation also included former BGMEA Presidents Abdus Salam Murshedy, MP, and Md. Shafiul Islam Mohiuddin, MP, incumbent First Vice President Syed Nazrul Islam, Vice President Md. Shahidullah Azim, Vice President Md. Nasir Uddin, Vice President Rakibul Alam Chowdhury, Directors Asif Ashraf, Mohammed Meraj-E-Mostafa (Kaisar) and former Director Munir Hossain.

First Vice President of BKMEA Mohammad Hatem, Md Alamgir Hossain, Member, Tax Policy; Syed Golam Kibria, Member, Customs Policy & ICT; Dr. Abdul Mannan Shikder, Member, VAT Implementation & IT; and Md. Masud Sadiq, Member, VAT Policy, NBR were also present at the meeting.

In the meeting the BGMEA delegation urged the government for continuation of the existing 0.5% source tax for RMG sector for the next five years.

They requested that the rate of the income tax deduction on incentives be reduced from 10% to 0% and keep it effective for next five years.

BGMEA also called on the NBR to keep the corporate tax rate at 10% for green factories and 12% for other factories for the next five years.

BGMEA proposed forming a joint working committee involving representatives of NBR and BGMEA to address VAT, tax and customs related issues being faced by the RMG industry.

NBR Chairman Abu Hena Md. Rahmatul Muneem supported the proposal of joint working committee formation and assured the delegation of considering the proposals placed by BGMEA with due importance.

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