Industries prioritised by budget: BGMEA

The country's apparel apex body-BGMEA-has hailed the proposed budget saying it has prioritised industries, especially the readymade garment sector.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in a statement appreciated the proposed fiscal measures including reduction of tax at source to 3.0 per cent from existing 5.0 per cent on cash incentive, advance income tax to 0.30 per cent from 0.80 per cent.

The BGMEA also lauded the allocation of Tk 500 million for workers' skill  development, supportive policy for industry decentralisation, withdrawal of import duty from raw materials used in pre-fabricated buildings and safety equipment for the export-oriented readymade garment sector and tax rebate for setting up industries in least developed areas.The BGMEA said it believe that the proposal to raise the expenditure limit from Tk 80 million to Tk 120 million would accelerate the corporate social responsibility (CSR) activities.