Bangladesh Knitwear Association demands % cash incentives for export goods

According to Bangladesh’s “Daily Star” report on May 20, the Bangladesh Knitwear Manufacturing and Export Association requires a 10% cash incentive for export goods in the next two years. Last week, the Bangladesh Knitwear Manufacturing and Export Association proposed a budget proposal to the Bangladesh Revenue Department, requesting a 10% cash incentive for export revenue to garment manufacturing companies that use local yarns and fabrics to produce export goods. For those that use imported raw materials to produce export goods, Garment manufacturing companies are given cash incentives of 4% of export revenue. The association’s vice president also urged the Bangladesh government to keep the tax rate withheld at source at 0.25%. Due to the impact of the new coronavirus epidemic, many small and medium-sized enterprises may go bankrupt, so the association requires the government to make preparations for such enterprises in the next fiscal year’s budget.