Garment exporters not happy with 2019-20 budget proposals | Daily Star
Skip to main content
T
Tuesday, March 21, 2023
The Daily Star
E-paper Today's News বাংলা
  • Home
  • News
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Feature
    • Lifestyle
    • Arts & Entertainment
    • Showbiz
    • Star Health
    • Satireday
    • Shout
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights
  • E-paper
  • বাংলা
Search Epaper T
  • Today's News
  • Home
  • News
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Feature
    • Lifestyle
    • Arts & Entertainment
    • Showbiz
    • Star Health
    • Satireday
    • Shout
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights

  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
Business

Garment exporters not happy with budget proposals

Demand 3pc cash incentive instead of 1pc proposed
Star Business Report
Mon Jun 17, 2019 12:00 AM Last update on: Mon Jun 17, 2019 01:30 PM
BGMEA President Rubana Huq
Centre, BGMEA President Rubana Huq attends a press meet to present the chamber’s post-budget reaction at the hotel Amari Dhaka yesterday. Photo: COLLECTED

Apparel exporters yesterday voiced their dissatisfaction with the 1 percent cash incentive handed to them in the proposed budget for fiscal 2019-20 as it is insufficient to help them tide through the current volatile situation in garment trade.

They had originally demanded 5 percent cash incentive, but are now meeting the government halfway and asking for 3 percent.

For all latest news, follow The Daily Star's Google News channel.

Finance Minister AHM Mustafa Kamal has already allocated Tk 2,825 crore in the budget; another Tk 5,650 crore would be needed if the garment exporters’ new demand is to be entertained.

In a post-budget reaction press conference at the Amari Dhaka, Rubana Huq, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), also urged the government to devalue the local currency by at least Tk 5 against the US dollar to enhance the garment exporters’ competitiveness in global trade.

The move would require an additional Tk 12,419 crore.

“We demand both 3 percent cash incentive and devaluation of the local currency against the USD,” Huq said. The BGMEA chief, however, lauded the government’s proposal of full VAT waiver on the use of natural gas, electricity bill and water in the garment sector.

She also demanded the corporate tax rate be brought down to 10 percent from the existing 12 percent for the garment sector.

The government should also waive duty on the import of the eight kinds of fire safety equipment used for enhancing workplace safety and not just five.

The single digit interest rate against the bank loan is not being followed by many banks although the government assured there would be.

“We want single digit bank interest rate for the garment sector.”

Huq also suggested bringing the country’s garment workers under the government’s social safety net programme.

“These hard working workers are contributing a lot to the industry and the economy. We are expecting that the wrong perception about Bangladesh’s garment sector worldwide will change.”

If the government stands beside the garment sector, the exporters will be able to grab more new markets with value-added items, she added.

 

Related topic:
Bangladesh budget 2019-20Bangladesh garment sector
Apple Google
Click to comment

Comments

Comments Policy

Related News

Bangla SMS charge

Hiking tax on mobile phone use suicidal

15% tax on retained earnings of multinationals to affect FDI inflow

Bangladesh parliament

Finance Bill 2019 passed in JS

Bangladesh's New VAT Law 2019

New VAT system to bring in Tk 11,000cr more

National Parliament

MPs slam insufficient budget for education, health, culture

পাকিস্কান, ইমরান খান, পিটিআই, আসিম মুনির,
১ ঘণ্টা আগে|আন্তর্জাতিক

পাকিস্তান: সেনা, দেনা ও পিটিআই সংকট

সাম্প্রতিক ঘটনাগুলো বিশ্লেষণ করে বলা যায়— সমস্যা যেন পাকিস্তানের পিছু ছাড়ছেই না।

১ ঘণ্টা আগে|দুর্ঘটনা ও অগ্নিকাণ্ড

মুগদায় ট্রাকের গ্যাস সিলিন্ডার বিস্ফোরণে নিহত ১

The Daily Star
Journalism without fear or favour
  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
© 2023 thedailystar.net | Powered by: RSI LAB
Copyright: Any unauthorized use or reproduction of The Daily Star content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
X