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Exporters including apparel manufacturers will have to pay 0.6 percent tax at source on their income from exports from the upcoming fiscal year

Reduced tax at source

Exporters including apparel manufacturers will have to pay 0.6 percent tax at source on their income from exports from the upcoming fiscal year, as the government reduced the rate from the proposed 1 percent. The National Board of Revenue (NBR) now collects tax at 0.3 percent from apparel manufacturers on their annual income from exports, while the rate is 0.6 percent for other exporters.

Finance Minister AMA Muhith while placing the budget for fiscal 2015-16 at parliament earlier this month proposed increasing the rate to 1 percent from the next fiscal year. The finance bill 2015 has been passed in the parliament today along with some changes in taxes and duties that were proposed on June 4. Muhith placed the changes in the parliament while giving his closing remarks before passing the finance bill.

Prime Minister Sheikh Hasina also requested the finance minister to reduce the tax at source for apparel exporters. If the exporters do well in the next year, the tax rate can be increased, the premier mentioned in her remarks in the House, agencies report.

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