The domestic accessories and packaging industry is yet to reach a stage where it can face such challenges, BGAPMEA acting president Mohammad Belal said.
The budget did not spell out any specific instruction on how to mitigate the complexities related to the dollar crunch, high price of raw materials and opening of letters of credit (LCs), the association lamented.
The budget did not cut the source tax to 0.5 per cent on export proceeds and to 10 per cent on the interest of a company's bank deposit, it said.
Belal urged the government to fix the source tax on export proceeds at 0.5 per cent and continue it for the next five years.
The garment accessories industry could supply required raw materials to the garment industry at a competitive rate and in the shortest possible lead time and even after 2027, it said in a statement.
Belal also demanded a bonded warehouse facility as given to the RMG sector and an import ban on the accessories and packaging goods that are produced within the country.
ALCHEMPro News Desk (DS)
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