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Related Keywords: Bangladesh garment industry, BGAPMEA, BKMEA, brought about by uncertain global prospects, BTMA, demand withdrawal of source tax, EAB, existing twenty percent, help them sail through choppy waters, need for remediation of structure, on export for at least two years, slashing corporate tax to ten percent

Bangladesh garment industry owners demand withdrawal of 0.7 percent source tax on export for at least two years to help them sail through choppy waters brought about by the uncertain global prospects and the need for remediation of structure .

Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association at a pre-budget consultation meeting organised by the National Board of Revenue said that once the situation improves they will start paying the source tax again.

Related Keywords: All limited companies to deduct VAT at source, as per old VAT law, BGAPMEA, BGMEA, BKMEA, BTMA, comes in force next July, National Broad of Revenue, New VAT law allows only public limited companies, withdraw VAT at source from consumers

Currently, all limited companies have to deduct VAT at source while receiving supplies and deposit the money with the exchequer as per the VAT law 1991. But the new VAT law allows only public limited companies to withdraw VAT at source from consumers.

Only public limited companies (PLCs) will have to deduct the Value Added Tax (VAT) at source from supply chain partners under the new VAT and Supplementary Duly Act, officials said.

Private limited companies will not deduct VAT at source from suppliers under the new VAT law that comes in force next July.

Related Keywords: Bangladesh budget, Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Garments Accessories and Packing Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, Bangladesh Textile Mills Association, BGAPMEA, BGMEA, BKMEA, BTMA, garment exporters in bangladesh, tax on apparel, tax on garment

The Bangladesh Finance Minister AMA Muhith presented the national budget before parliament on 4 June for the fiscal year 2015-16. Its size - in terms of aggregate government expenditure - reflects about a 23 per cent rise over that of the revised budget estimates for 2014-15. It is also 56.8% higher than the actual figure for 2013-14.

The budget has allocated Taka 970 billion for funding the Annual Development Programme (ADP), marking an increase of Taka 22 billion over the revised ADP of Taka 750 billion for the outgoing fiscal.