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RMG sector to enjoy 12% corporate tax for more two years

The apparel sector of Bangladesh – the $34 billion industry – will continue to enjoy reduced corporate tax rate at 12% for the fiscal year 2020-21 in a bid to help to fight COVID-19 impact pandemic.

Finance Minister AHM Mustafa Kamal came up with the projection on Thursday while he was announcing the national budget for the fiscal year 2020-21 in the parliament.

RMG-enjoy-12-corporate-tax-two-years
Figure: At present, the RMG factories having green building certification enjoy a special tax rate of 10%, whereas RMG factories without such certification pay taxes at a rate of 12%.

At present, the RMG factories having green building certification enjoy a special tax rate of 10%, whereas RMG factories without such certification pay taxes at a rate of 12%.

The deadline of the SRO providing this special tax rate ends on 30th June 2020, and I propose to extend the time-limit of the said SRO by another two years.

I hope our taxpayers in the RMG sector will be greatly benefitted from this tax rate reduction, said Finance Minister.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

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