Bangladesh knitters hit by tax blow - sportstextiles: Lea SportsTextiles

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Bangladesh knitters hit by tax blow

27/08/2010
Knitwear manufacturers of Bangladesh have criticised the government over higher rates of income tax that exporting companies will face in the next financial year, starting July 2011.

The country's finance minister, respected economist Abul Maal Abdul Muhith Muhith, has proposed an increase in the tax exporters must pay at source from 0.25% to 1%.

The president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Fazlul Hoque, has said in response that the measure will prove "catastrophic" for the apparel sector because production costs will have to increase, putting off importers of garments made in Bangladesh. He said: "This proposal must be withdrawn to save the garment industry that has just recovered from the global financial crisis."


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