প্রকাশ: 09/06/2022
Finance Minister AHM
Mustafa Kamal has proposed an extension of the existing reduced 15% corporate
tax for the textile sector for another three fiscal years, subject to its
compliance with some conditions.
While presenting the budget proposal for FY2022-23, he said
that the prevailing tax rate for the textile sector stands at 15%, and the
Statutory Regulatory Orders (SROs) to this effect expires on 30 June 2022.
"I propose to extend the date of the SRO up to 30 June
2025. I believe the valued taxpayers will take advantage of such long-term
preferential tax rate and will properly pay their due taxes", said the
minister.
If they have paid any penalty slapped by any government
authorities for violation of environmental rules and regulations, that fiscal
year they have to pay a regular tax rate. The extension will be effective from
1 July this year and will remain in effect until 30 June 2025.
The finance minister said, "Globally Bangladesh has
retained second position in export of RMG. The revenue policy incentive of the
government geared towards this industry has been the major driving force behind
making this industry globally competitive."
Previously, Bangladesh Textile Mills Association (BTMA)
President Mohammad Ali Khokon told requested that the government continue this
facility till 2030 to deal with post-LDC challenges.
Envoy Textile Chairman Kutubuddin Ahmed previously told TBS
such an extension to the reduced tax rate is not enough. The sector's total tax
burden is higher as they have to pay source tax that is not adjustable with the
corporate tax.
Finance Minister AHM Mustafa Kamal has placed the Tk678,064
crore national budget for FY23 at Jatiya Sangsad with top priority to
safeguarding marginal people from inflation fuelled by the Russia-Ukraine
conflict.
This is the fourth budget of the third consecutive term of
the government led by Prime Minister Sheikh Hasina and also the overall 51st
budget of the country.
The proposed budget is Tk74,383 crore higher than the
original budget size of the FY2021-22 fiscal year, which was Tk603,681 crore.
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