The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) recently asked the government to reconsider the revised source tax on exported products in the proposed budget for fiscal 2022-23 (FY23). BKMEA executive president Mohammad Hatem expressed over the rise in the source tax from 0.5 per cent to 1 per cent against exports.
In a video message sent to the media, he said the price of raw materials, transport and freight costs have witnessed a sharp hike after the pandemic and the ongoing Russia-Ukraine war has made the situation further volatile.
“There is no logic regarding this rise in such a volatile global situation. So, we are making a polite request to the government to reconsider it,” he was quoted as saying by Bangladeshi media reports.
The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) recently asked the government to reconsider the revised source tax on exported products in the proposed budget for fiscal 2022-23 (FY23). BKMEA executive president Mohammad Hatem expressed over the rise in the source tax from 0.5 per cent to 1 per cent against exports.
“Production costs have risen significantly but we are not getting the fair price from the buyers accordingly,” he added.
Last week, finance minister AHM Mustafa Kamal presented the proposed budget in the parliament.
Fibre2Fashion News Desk (DS)
