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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: attract more investment, Bangladesh garment and textile markers, BGMEA, BKMEA, BTMA, cost of production increasing every year, Fiscal measures, higher export growth, market diversification, next fiscal year, reduce corporate tax for the garment sector, Textile and RMG sector, urged governement to reduce tax at source

The country’s garment and textile makers have urged the government to reduce tax at source to 0.3 percent for the next fiscal year from the proposed 1.5 percent to attract more investment as the cost of production is increasing every year.

Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at a press meet at the BGMEA office in Dhaka said that if it is not possible, they have urged the government that source tax should remain at the exiting 0.6% for the sake of the growth of export oriented industries and creating more jobs.

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 garment manufacturing industry, BKMEA, fabric and apparel from Taiwan, familiar latest fibres, held in Dhaka, ideal platform and gateway to procure reliable, quality and original textiles, Taiwan Textile Fair South Asia, TTF, yarn

Taiwan Textile Federation (TTF) in collaboration with Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) organized Taiwan Textile Fair South Asia-2015 that took off on Monday, Novemeber 23 to make Bangladesh familiar with Taiwan’s latest fibres, yarns, fabrics and apparels.

Related Keywords: apparel industry, Bangladesh RMG sector, BGMEA, BKMEA, control major activities, Directorate of Textiles, import of capital machinery, main export earner, Ministry of textile, permission for import, registration, sponsoring authority, to regulate RMG under new law, UD

Bangladeshi readymade garment (RMG) sector the main export earner of the country to streamline, the Directorate of Textiles is going to be vested with the authority to regulate the RMG sector under a new law --- The Textile Industries Establishment Act 2015-would take effect early next year. The new draft law proposed making the Directorate of Textiles under the Ministry of Textiles and Jute as an effective "sponsoring authority" for the apparel industry.

Related Keywords: bilateral relations, BKMEA, China granted funds set up exhibition center, Chinese commerce minister Gao Hucheng, expressed interest to invest, hope among Bangladeshi businessmen, in textile sector, knitwear sector, signed MoU, visit to Bangladesh

Chinese commerce minister Gao Hucheng’s recent visit to Bangladesh has buoyed hopes among Bangladeshi businessmen and international relations experts that bilateral relations will be strengthened over the next few months. During the commerce minister’s visit, China granted Bangladesh nearly US$ 100 million to set up an exhibition center and also expressed interest to invest $ 300 million in the South Asian country’s textile sector.

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.

Related Keywords: Bangladesh Garment Manufacturers and Exporters Association, Bangladesh government, BKMEA, BTMA, Export Promotion Bureau, held meeting with, home textile., inclusion of RMG in traditional category, jute, jute goods (Hessian, Knitwear, redefine export oriented goods, RMG products including oven, Sacking and CBC), traditional and non traditional

Bangladesh government to boost exports has decided to redefine export-oriented traditional and non-traditional products as the contribution of the traditional products to the export basket has plunge to 2.74% in the last fiscal year, while the contribution of non-traditional products raise to 97.26%.

Export Promotion Bureau (EPB) sources said that the recently the Prime Minister Office (PMO) in a letter directed the Export Promotion Bureau (EPB) to redefine export-oriented traditional and non-traditional products to accelerate export growth.

Related Keywords: Bangladeshi readymade garment sector, BGMEA, BKMEA, BTMA, cancellation of orders, delay in shipment, export target, extra burden of air freight, incur loss, non stop political unrest

The Bangladeshi readymade garment sector has incurred huge vandalism caused by the non-stop political unrest beginning from January 6. In the last 35 days the RMG sector has incurred a loss of Tk21,711 crore due to cancellation of orders, extra-burden of air freights and delays in shipments.

According to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) estimate, the apparel sector faced the order cancellations worth Tk10,000 crore while it had to spend additional money of over Tk918 crore for air shipments.