BKMEA Submits Crisis Management Package Proposal to Government of Bangladesh

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The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) recently submitted a proposal for a crisis management package to the government. The proposal includes a zero duty on raw materials and a trade agreement with potential markets to boost exports of knitted garments in times of crisis. He also wants various existing tax rates to remain unchanged for the next five years.

He wants withholding tax, corporation tax and value added tax (VAT) to remain unchanged for the next five years to help overcome the impact of COVID-19 and boost the country’s exports . In particular, it recommends making VAT zero on all goods and services collected locally for export.

It also calls for a cash incentive of 5 percent on total investment in the creation of new capital equipment aimed at diversifying products and becoming competitive in the production of goods.

The Bangladesh Knitwear Manufacturers and Exporters Association recently submitted a proposal for a crisis management package to the government. The proposal includes a zero duty on raw materials and a trade agreement with potential markets to boost exports of knitted garments in times of crisis. He also wants various existing tax rates to remain unchanged for the next five years.

The BKMEA sent the recommendations to the Ministry of Commerce for transmission to the National Export Committee, according to Bangladeshi media.

It proposes to create two separate divisions for revenue collection and for revenue policy, and to develop specific laws and policies for the export of clothing items through the global online export market.

The knitting association recommended setting reasonable tariffs on the import of raw materials for the ready-to-wear industry to encourage more investment and exports.

It seeks duty and zero-rate VAT on imports of machinery and chemicals necessary for the establishment and operation of an effluent treatment plant and a wastewater treatment plant.

Fibre2Fashion (DS) News Desk


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