Rahman also urged Muhith to reconsider last year's 35 per cent tax paid by the apparel manufacturers. “The reduced tax (10 per cent) is effective for yarn, dyeing, finishing and jute sectors until June 30, 2015. In this view, the RMG sector also gets this facility,” he said.
Muhith ruled out any retrospective tax cut for 2014-15. “But we can consider what to do for the current year,” he said.
He asked the Finance Secretary and the Revenue Board Chairman to provide estimates of the impact on revenue if the government cut the corporate tax on the sector.
Commerce Minister Tofail Ahmed who also attended the meeting, supported the RMG entrepreneurs' demand. He also urged Muhith to consider the demand, mentioning several issues the entrepreneurs were facing.
“There are Accord, Alliance; they (the entrepreneurs) have to spend to meet compliance. The government must stand by the businessmen during such a period,” he said. (SH)
ALCHEMPro News Desk – India
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