Export-oriented RMG to enjoy 0.7pc as tax at source, Muhith tells JS

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Dhaka, June 29: Finance Minister AMA Muhith on Wednesday assured of bringing down the source tax on export earnings to 0.7 percent from 1.5 percent after a request from Prime Minister Sheikh Hasina.

While delivering a speech at the parliament, Prime Minister Sheikh Hasina suggested Finance Minister to accept the proposal during her budget speech in the Parliament on Wednesday.PM at parliament

Earlier, the finance minister proposed a source tax of 1.5 percent, in the budget for 2016-17 fiscal year, which drew criticism from businessmen – mostly apparel owners and exporters.

She also requested Muhith to keep the prevailing 0.60 percent tax at source on the export earnings till June 30 – the end of 2015-16 fiscal year.

In response, the finance minister told the House that the source tax on export earnings would be brought down to 0.7 percent.

Even, BGMEA, BKMEA and BTMEA are demanding a reduction in tax at source after the budget announcement by Finance Minister.

The trade body leaders also said that proposed 1.5 per cent ‘tax at source’ imposed on the export-oriented garment industry would hit small and medium readymade garment units.

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