Latest news with #NationalBoardofRevenue
Fibre2Fashion
6 days ago
- Business
- Fibre2Fashion
Bangladesh's NBR withdraws advance income tax on import of fibres
Bangladesh's National Board of Revenue (NBR) has withdrawn the 2-per cent advance income tax (AIT) that it had recently imposed on the import of cotton and other textile fibres. This was a long-standing demand from domestic spinners and textile millers. A government gazette notification said the exemption applies to raw cotton (carded, uncarded or combed), synthetic staple fibres and artificial fibres of various compositions, including polyester, acrylic and nylon, domestic media outlets reported. Bangladesh's National Board of Revenue has withdrawn the 2-per cent advance income tax that it had recently imposed on the import of cotton and other textile fibres. This was a long-standing demand from spinners and textile millers. The exemption applies to raw cotton (carded, uncarded or combed), synthetic staple fibres and artificial fibres of various compositions (polyester, acrylic and nylon). The exemption covers HS codes ranging from 5201 to 5507, including raw cotton and synthetic fibres used in the spinning process. Those who opposed the AIT said it raised the cost of doing business and disrupted the competitiveness of the export-oriented apparel industry. The Bangladesh Textile Mills Association had long been lobbying for the removal of AIT on fibre imports, citing a mismatch between input tax and actual income, especially for companies in the export supply chain that already enjoy tax exemptions. Fibre2Fashion News Desk (DS)
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First Post
08-07-2025
- Business
- First Post
Hit by 35% Trump tariff, Bangladesh seeks trade deal with US to save its cash cow
Dhaka is now exploring ways to boost imports from the US in bid to bridge the trade deficit, which Trump has cited to justify his tariff imposition read more After last August's student-led uprising and the subsequent ouster of now-deposed PM Sheikh Hasina, Bangladesh's textile and garment production had just started to come back on track. The industry is the backbone of the country's economy, accounting for 80 per cent of the country's exports. However, the Donald Trump administration on Monday (July 7) slammed his wrecking ball into the industry by imposing a whopping 35 per cent tariff on the impoverished South Asian economy. STORY CONTINUES BELOW THIS AD This is more than double the 16 per cent currently levied by the US, a major export destination for Dhaka. Bangladesh exported $8.36 billion worth of goods to the United States in 2024, while imports from there amounted to $2.21 billion, according to the Bangladesh Bank and the National Board of Revenue. Bangladesh scrambles to get relief According to a report by news agency AFP, Dhaka is now exploring ways to boost imports from the US in a bid to bridge the trade deficit, which Trump has cited to justify his tariff imposition. The country is offering to import Boeing planes and boost imports of US wheat, cotton and oil. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), called it 'a big challenge for the garment sector'. 'We had expected the tariff imposed on us to be between 10 to 20 percent,' he said, adding he expected Dhaka's interim leader Muhammad Yunus to 'raise the issue with the United States'. Former BGMEA director Mohiuddin Rubel warned the impact as tariffs stand would be dire. 'The new tariffs raise worries about job losses in Bangladesh as the US is its main export market,' he said. 'Bangladesh needs to act quickly by engaging US importers to push for policy changes, resuming high-level trade talks, and highlighting the importance of its products.' US President Donald Trump has ramped up his trade offensive, threatening steep new tariffs on 14 countries unless they agree to buy more American goods and increase US-based manufacturing. STORY CONTINUES BELOW THIS AD
The Star
01-07-2025
- Business
- The Star
Tax operations declared as "essential services" in Bangladesh
DHAKA, July 1 (Xinhua) -- The Bangladeshi interim government has declared tax operations as "essential services," in a bid to better safeguard local and foreign trade and commerce. Bangladesh's Ministry of Labor and Employment issued a gazette notification in this regard Tuesday. According to the notification, tax operations are declared as essential operations for meeting revenue collection targets of the government and for keeping the financial management of the government dynamics. The Bangladeshi interim government last month through an ordinance created two new divisions by abolishing the country's National Board of Revenue in an apparent move to modernize tax administration and boost revenue collection. The ordinance stated that the Revenue Policy Division will monitor the implementation of tax laws while the Revenue Management Division will mainly look into revenue collection. The restructuring reportedly followed a key condition set by the International Monetary Fund to separate tax policy from administration. The Washington-based lender has long pushed for tax reforms to raise Bangladesh's tax-to-GDP ratio, one of the lowest in Asia.
News18
29-06-2025
- Business
- News18
‘Return To Work At Once': Yunus Orders Bangladesh's Tax, Customs Workers To End Strikes
The Bangladesh interim government instructed tax and customs workers to end their nationwide strikes or face strict measures. The Bangladesh interim government led by Muhammad Yunus on Sunday ordered the protesting tax and customs workers to return to work immediately and end their two-day nationwide strike that has brought tax operations to a standstill. Their strikes have brought tax operations to a standstill, including customs operations at major trade hub Chittagong Port, a report by news agency Reuters said. 'Officials and employees must return to work at once and refrain from activities that harm national interests. Otherwise, the government will be compelled to take strict measures to protect the people and the national economy," the statement released by his office said, without giving details of what such measures might entail. The protests broke out after the government, on May 12, ordered the dissolution of the National Board of Revenue (NBR) and announced new revenue divisions. Officials said the restructuring is aimed at modernising tax administration, removing overlaps and boosting efficiency. But several department employees have raised concerns over job security and fear the move could undermine institutional autonomy. They have called for structural reforms and the resignation of the NBR chairman. A full nationwide shutdown began on Saturday to push their demands. Import-export operations must continue uninterrupted to protect the economy, the interim government of Muhammad Yunus said in a statement, adding that all jobs at the National Board of Revenue (NBR) were deemed essential services. Business leaders have voiced concern over the situation, warning that a prolonged deadlock could severely disrupt supply chains, squeeze revenue collection, and deal another blow to investor confidence already shaken by macroeconomic pressures. Yunus' administration, which came to power after student-led protests, later hijacked by Islamists, forced then Prime Minister Sheikh Hasina to flee to India, has faced growing discontent in recent weeks. First Published:
Express Tribune
29-06-2025
- Business
- Express Tribune
Strike halts operations at Bangladesh's largest port amid tax authority dispute
Container cranes lie non-operational at the Chittagong Port in Chittagong on June 29, 2025, as export and import activities remained suspended due to an ongoing protest by employees of the National Board of Revenue (NBR) over reform issues by Bangladesh's interim government. Photo: AFP Operations at Bangladesh's biggest port were suspended on Sunday as a strike by customs officials brought shipping activity to a halt. The shutdown at Chittagong Port is part of an ongoing dispute between tax authority employees and the government, which is trying to overhaul the body. 'The port typically handles around 7,000 to 8,000 containers daily… But since this morning, there has been no movement in offloading or onboarding of goods,' said Mohammed Omar Faruq, secretary of the Chittagong Port Authority. 'This is having a huge impact on the country's economic situation,' he told AFP. Bangladesh is the world's second-largest garment manufacturer, while textile and garment production accounts for about 80 percent of the country's exports. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said the halt in port operations would cost the industry $222 million. 'The cost of recovery will be staggering – beyond comprehension – and many factories risk going bankrupt,' he told AFP. Staff at the National Board of Revenue (NBR) have been striking on and off for weeks over plans to split the authority into two separate bodies. Bangladesh's interim leader, Nobel Peace Prize laureate Muhammad Yunus, urged them to end the walkout. 'We hope NBR's staff will report back to work setting aside their unlawful programme that goes against the national interest of the country,' his office said in a statement. 'Otherwise for the sake of the people of this country and safeguarding the economy the government will be left with no option but to act firmly,' the statement added. NBR staff were prevented from entering their offices on Sunday after a government order sought to stop them from protesting within their building premises. Meanwhile, 13 business chambers held a press conference on Saturday urging the government to resolve the issue as soon as possible.
