Staff Correspondent: The reduced tax at source for the export-oriented RMG industries has become effective from January 3 this year, said the National Board of Revenue (NBR).
The Tax Administration at the very beginning of the year issued a Statutory Regulatory Order (SRO) reducing the tax at source at 0.25 percent for the hundred percent export-oriented RMG industries.
But, the circular did not clarify from when this reduced rate of tax at source would become effective causing confusion to some extent.
Under the circumstances, the revenue board issued the order clarifying that the reduced rate of tax at source would become effective from January 3. A senior official of the income tax department said, “Since the banks wanted to know from us from when the reduced rate would become effective, we’ve verbally informed them to make effective this rate from January 3. We’ll issue letters in this regard to the banks concerned very soon,”
Earlier on January 3 this year, the tax at source in the export-oriented RMG sector was reduced at 0.25 percent from the previous 0.6 percent in a bid to enhancing the competitive edge of the RMG sector.
With the latest reduction, the tax at source for exports in the RMG sector
has been reduced for the 2nd time in the current fiscal year.
Earlier on September 5 last year, the tax at source for exports in the RMG
was reduced at 0.6 Percent from 1.0 percent.
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