Provide special cash assistance, The Government has decided in the export of garments

Provide special cash assistance, The Government has decided in the export of garments (taritwells and specialized textiles) after the RMG sectors (readymade garments). From now on, 01% (one percent) special cash assistance will be provided to the exporters against the export of textiles.

Bangladesh Bank issued a circular on Tuesday (January 7th).

It said that it will get the benefit of shipping products from the financial year 2019-2020. Earlier, only the apparel sector entrepreneurs got this benefit. In order to avail this benefit, the rate of local value added (VAT) in the garment sector is mandatory to be at least 5% (five percent). However, the rules do not have to follow in order to benefit against export of textile products.

The facility will also apply to Type-C (Domestic-owned) companies located in specialized regions (EPZ, EZ) for export to the European Union, US and Canada.