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 on Wednesday, says a press release.
The delegation also includes Former BGMEA Presidents Abdus Salam Murshedy, MP, and Md Shafiul Islam Mohiuddin, MP, incumbent 1st 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.
BKMEA 1st Vice President Mohammad Hatem, NBR board member (tax policy) Md Alamgir Hossain; member (customs policy & ICT) Syed Golam Kibria; member (VAT implementation & IT) Dr Abdul Mannan Shikder, and member (VAT Policy) Md Masud Sadiq were also present at the meeting.
In the meeting, the BGMEA delegation urged the government to continue 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.