Wednesday, 6 July, 2022

NBR support sought for RMG industry’s growth

  • Special Correspondent
  • 24 April, 2022 12:00 AM
  • Print news

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) sought support of the National Board of Revenue (NBR) in exploring RMG industry’s potentials and expediting its growth.

BGMEA President Faruque Hassan made the urge in a meeting with NBR member (VAT and Policy) Zakia Sultana at the latter’s office in Dhaka on Thursday.

BGMEA Vice President Shahidullah Azim was also present at the meeting.

BGMEA President requested the NBR to waive value-added tax (Vat) on sub-contract manufacturing as it puts subcontracting factories in financial distress.

He also urged the NBR to allow factories, that do not have bonded warehouse licences, to open back-to-back letters of credit (LC) and source raw materials from local market.

The BGMEA leaders called upon the revenue authorities to not impose Vat on products and services purchased locally. They said the exemption from Vat will help the garment industry grow and survive the global competition.

NBR Member Zakia Sultana took note of the issues discussed in the meeting and assured the BGMEA leaders of cooperation in this regard.

Kazi Mustafizur Rahman, Commissioner at Customs Bond Commissionerate, Kazi Farid Uddin, First Secretary (VAT Policy), and Kazi Rezaul Hasan, Second Secretary (VAT Act and Rule), were also present at the meeting.