The garment accessories sector of the country has demanded cash incentives similar to what the government has provided to exporters of ready-made garments (RMG) and other export-oriented sectors.
In response to the proposed budget for the fiscal year 2021-22, the Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) sent a response to the media on Sunday that reads that the sector has also demanded to reduce the corporate tax rate of this sector to 12% like the RMG sector, to halve the tax at the source of export, and to withdraw the existing income tax on the purchase of raw materials for export from the local market.
BGAPMEA President Md Abdul Kader Khan said that financial incentives have been given to more than 35 products for many years to encourage exports. Garment accessories and packaging industries have not got this benefit despite being 100% export-oriented and small to medium scale industries.
He demanded a 1% incentive as a deemed exporter.
UNDISCLOSED MONEY INVESTMENT RETURNS TO THE ECONOMY: REHAB
The Real Estate and Housing Association of Bangladesh (REHAB) has said that there was an opportunity to invest undisclosed money (black money) in other sectors including housing in the current fiscal year 2020-21.
The association thinks that if this opportunity continues, it will add many times more money to the mainstream of the economy and will help increase revenue collection.
The association also congratulated the government on the tariff exemption for various construction materials, especially rods, cement, tiles and other raw materials.
Calling for special importance to this sector, REHAB President Alamgir Shamsul Alamin Kajal said, "It is our moral duty to form a long-term fund with low-interest rate so that people can easily avail a house."
There is an opportunity to further reduce the registration cost in this sector, he said hoping that the government would implement other demands of REHAB in the future.