Frozen foods exporters urge govt to cut source, corporate tax

Staff Correspondent | Updated at 01:02am on June 14, 2017

Bangladesh Frozen Foods Exporters Association on Tuesday urged the government to cut the source and corporate tax to rescue the export-oriented sector from the prevailing stagnant situation.
BFFEA president Amin Ullah made the appeal at a press briefing in its post-budget reaction held at its office premises in Dhaka.
Amin requested to cut the current source tax of 0.70 per cent to 0.25 per cent to improve the sector from the downward movement.
The government earlier reduced the source tax from 1 per cent to 0.70 per cent that ended on June 13, 2017. As the government did not extend the time, the 1 per cent rate will be implemented from today.
The association also requested to reduce the present 35 per cent corporate tax to 10 per cent as an adjustment with the neighbouring countries where the tax rate was less.
They demanded to end the 5 per cent advanced income tax as well from the given cash incentives to the sector.
The officials appealed for exemption from the imposed value-added-tax on government services like tests, certificates and licenses.
They urged to regulate concessional rate of gas and electricity price considering the power prices hike that the sector needs more.
The officials said that the government needed to take especial measures to save the industry before it sinks further.