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BTMA for exemption of 5pc VAT, AIT on yarn, textile machinery

Published : Thursday, 20 June, 2019 at 12:00 AM  Count : 261
Business Correspondent

BTMA President Mohammad Ali Khokon flanked by other leaders of the association speaking at a press conference at Pan Pacific Sonargaon hotel in the city on Wednesday.

BTMA President Mohammad Ali Khokon flanked by other leaders of the association speaking at a press conference at Pan Pacific Sonargaon hotel in the city on Wednesday.

The Bangladesh Textile Mills Association (BTMA) has urged the government to exempt local yarn from a 5 percent value added tax (VAT); so that it maintains a competitive market price.
Expressing deep concern over the new duty proposal in the budget for 2019-20 the BTMA President Mohammad Ali Khokon at a post-budget press conference at Pan Pacific Sonargaon hotel in the city said on Wednesday said this VAT proposal is not justified.
"We want it must be withdrawn," he said. In the proposed budget, the finance minister has proposed 5 percent VAT on polyester, tencil, and viscose; which will increase the prices of yarn, the BTMA leader claimed.
The BTMA also urged the government to withdraw 5 percent Advance Income Tax (AIT) at source (AT) on  import of textile machinery, spare parts, and other equipments. He said it would increase the cost of doing business and severely impact the industry.











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