According to a report by Bangladesh’s “Financial Express” on June 3, Bangladesh’s resource tax on export-oriented industries will be increased to 1.5% in the new fiscal year, which will have an adverse impact on industries such as garment manufacturing.
Exporters in the country have expressed strong protest against this. If the tax rate is raised too high, the relevant industries will lose their market competitiveness, and a large number of small and micro enterprises will find it difficult to survive. The biggest impact is on the garment manufacturing industry, which plays an important role in Bangladesh’s GDP growth and provides nearly 80% of the country’s foreign exchange earnings. The implementation of the new tax rate may lead to a decline in investment in the industry, making it difficult to achieve the annual export target of US$50 billion. At the same time, the textile industry also calls for value-added tax exemptions in fabric dyeing, printing and other links to improve industry competitiveness. Bangladesh’s resource tax on export-oriented industries increases to 1.5%
