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| Knitwear manufacturers of Bangladesh proposed to raise the tax at source for exporters to 1% from the existing 0.25% |
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Knitwear manufacturers of Bangladesh have criticised the proposed budget for the next fiscal year as it has proposed a higher income tax at source on the exporters.
"This type of measure would be catastrophic for the sectors especially for the apparel sector," said Fazlul Hoque, president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA). "If 1% income tax at source is imposed, the production cost will rise leading to a (negative) impact on exports. This proposal must be withdrawn to save the garment industry that has just recovered from the global financial crisis," added Mr Hoque.
Finance Minister AMA Muhith has proposed to raise the tax at source for exporters to 1% from the existing 0.25%.
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