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The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has reiterated its demand for a 10 per cent cash incentive on non-cotton garment exports in order to attract investment and boost export earnings.
During a post-budget press conference held on Friday in Dhaka city, BGMEA President Faruque Hassan described some proposed budgetary measures for the upcoming fiscal year as "positive" and made additional demands. These demands include fixing the source tax at 0.50 percent and maintaining this rate for the next five years.
Mr Hassan further elaborated on optimistic measures proposed for the export-oriented industry in the fiscal year 2023-24. These measures include a 15 percent tax reduction on container imports for both export and import purposes, VAT exemption on cut and waste fabrics made of artificial fibres at the manufacturing level, amendments of the circular related to some product details and inclusion of certain machinery parts in the HS code.