Exporters Association seeks continuation of source tax 0.5 percent for five years

Exporters Association of Bangladesh (EAB) in their budget reaction has urged the government to continue realising 0.5 percent tax at source for the next five years as against 1 percent as proposed in the ensuing budget.

The trade body thinks that this 0.5 percent of tax redemption will help flourish the export and play an important role in creating new employment in the country. It will also help the local industry.

The EAB said this in a press release on Thursday. It also includes some other suggestions.

Finance Minister Mustafa Kamal placed the national budget for the financial year 2022-23 in the parliament on 9th June.

On behalf of the Exporters Association of Bangladesh (EAB), its President Abdus Salam Murshedy expressed a special gratitude to Prime Minister Sheikh Hasina and Finance Minister AHM Mustafa Kamal.

While dwelling on solar panel import, EAB sought continuation of tax free facilities for the betterment of eco-friendly factories.

trade body opposed the provision of requesting the authority concerned through the VAT officials to disconnect gas, power, and water lines in case of any default.

The association proposed exemption of income tax over cash incentives and approval of import of fire-fighting equipment at rebate rates.

Since freezer vans and chiller vans are essential for meat export, the exporters appealed for considering it as the capital goods to make the market competitive.

EAB said processed meat in the form of sausage, pepperoni, salami etc. are potential export sectors. Therefore, the Association seeks tax facilities for the spices and packaging items.

The exporters firmly believe that with the successful implementation of the above issues in the budget, Bangladesh's economic progress will move forward at an unstoppable pace.