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.
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.