Textiles Mills Association places 9 proposals for budget

Bangladesh Textiles Mills Association (BTMA) on Sunday placed a 9-point proposal for consideration of the government in the next national budget that includes fixing income tax at 10 percent on the profit of the textile sector and to continue the rate up to 2018.A BTMA delegation, led by its president Jahangir Alam, placed the demands to Finance Minister AMA Muhith during a meeting at his secretariat office in the afternoon.
According to the existing provision under section 18 of the Companies Act of 1994, fifteen percent income tax is being charged for the period of July 1, 2012 to June 30, 2013 on the profit of any company related to textile production like yarn production, yarn dyeing-finishing, fabric production, and fabric dyeing-finishing-printing.
The other demands of the BTMA include suspending tax at source for making payment of bills against supply of goods through local L/Cs; giving tax holiday facilities to the primary textile sector -– spinning, weaving, dyeing-printing-finishing mills up to 2018; withdrawing import duty on Polyethylene Terephthalate Chips (Pet Chips); withdrawing import duty and tax on artificial filament tow as well as on machineries, sizing material and dyes and chemicals used in the textile industry; increasing alternate cash incentives to 15 percent from the present 5 percent; providing 10 percent cash incentives to the dyeing-printing-finishing sector to attract more investment and make this sector more competitive; and introducing a Tk 2,000 crore Textile Technology Upgradation Scheme (TTUFS) to give the textile sector a firm footing.
Talking to the reporters after the meeting, the Finance Minister said the textile mill owners raised a couple of issues mentioning that they are facing difficulty with the Tk-US Dollar exchange rate at the present.
He assured the BTMA delegation of looking into their demands.
Source: UNB Connect

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