BNBR plans to elevate the tax rate of garment department (Bangladesh)
Bangladesh National Board of Revenue suggests to elevate the tax rate of garment department to the same level of other industries.
In 2011, Bangladesh export value of apparel reached 18bln USD, accounting for 75% of the whole export value. However, apparel industry contributed lower than other industries to national treasury owing to moderate tax rate.
In 1980s, the Gov gave the apparel industry the tax exemption to promote the development, which last for 20 years. Till 2004-05, the Gov took a low tax rate of 0.25 for export income. Then, in 2010-11, the tax rate climbed up to 0.4%. In 2012, it rose to 0.6%.
Now, the Gov is planning to accelerate to 1.2% in the fiscal year of 2012-13 (from July 1, 2012).
Bangladesh has more than 5000 garment producing enterprises and over 3.5mln employees.
In 2011, Bangladesh export value of apparel reached 18bln USD, accounting for 75% of the whole export value. However, apparel industry contributed lower than other industries to national treasury owing to moderate tax rate.
In 1980s, the Gov gave the apparel industry the tax exemption to promote the development, which last for 20 years. Till 2004-05, the Gov took a low tax rate of 0.25 for export income. Then, in 2010-11, the tax rate climbed up to 0.4%. In 2012, it rose to 0.6%.
Now, the Gov is planning to accelerate to 1.2% in the fiscal year of 2012-13 (from July 1, 2012).
Bangladesh has more than 5000 garment producing enterprises and over 3.5mln employees.
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