20pc tax reduction in RMG sector proposed

Aiming to foster the growth of readymade garment (RMG) sector, the government has proposed to reduce the tax rate on RMG sector to 20 percent from the existing 30 percent.

"Acknowledging this (contribution), Bangladesh Government is providing substantial tax benefits to this (RMG) sector. As part of our continued support, I propose to reduce the tax rate of the RMG sector from 35 percent to 20 percent," said finance minister A M A Muhith while presenting the national budget in the Jatiyo Sangsad today. 

Terming RMG sector is one of the main exporting sectors of Bangladesh, the minister said, "This sector is making important contribution to the GDP growth and employment generation."

Source: BSS.