Friday, April 12, 2024
HomeNews & ViewsBusiness FocusBangladesh has reduced the source tax on export proceeds

Bangladesh has reduced the source tax on export proceeds

To boost Garments sector Bangladesh has reduced the source tax on export proceeds for all sectors from 1.0 per cent to 0.25 per cent. The aim is to boost readymade garment exports. The reduced source tax rate will remain till the end of this fiscal year. Bangladesh garment exporters have long been demanding for source tax reduction. The tax reduction decision was made in the wake of sluggish growth in export income in recent months.

Bangladesh’s export earnings in the first quarter of the current fiscal year fell 2.94 per cent year-on-year. Knitwear garment exports declined 1.64 per cent while woven garments fell 0.87 per cent. Bangladesh has put in action a multi-pronged approach to ensure that garment exports to new countries get the much-needed traction in every possible way. It is also working toward increasing apparel exports to South America, Russia and Brazil, among others. Wage payments are being digitized. Workers are paid through their mobile wallets. Additionally, to streamline the production process and keep the future in perspective, entrepreneurs are being encouraged to set up units within planned industrial zones. Europe and USA have long been the export strong holds of Bangladesh.

YOU MAY ALSO LIKE

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Exhibition - spot_img
- Industry Associate - spot_img

Upcoming Events

Simillar News

Recent Random

USTER solutions- From manual to automated fabric inspection

Step up to assured fabric quality for technical and sensitive applications Uster Technologies offers a flexible solution to upgrade fabric inspection from manual to automated....

The Ripple Effects of US Trade Policy Shifts on Global Textile Suppliers

Introduction As the economic landscape evolves and a new wave of globalization sweeps across nations, the textile industry has consistently stood as a key pillar...

Technical Textiles Researcher Elected to National Academy of Inventors

United States’ National Academy of Inventors named its 2024 Class of Senior Members. Professor Seshadri Ramkumar of the Nonwovens & Advanced Materials Laboratory at...