BGMEA welcomes proposed budget

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has welcomed the proposed budget for keeping the source tax and corporate tax rates for the garment sector unchanged.

The source tax remains at 1 percent, while the corporate tax is unchanged at 10 percent for green garment factories and 12 percent for non-green factories.

The trade body also appreciated the proposal to ease bond management and the government's commitment to keeping the inflation rate at 6.5 percent.

The BGMEA further expressed hope that the government will soon address key challenges facing the garment sector, including the US retaliatory tariffs, suspension of Indian transhipment, fallout from the Russia-Ukraine war, and the impact of LDC graduation.