Latest news with #BangladeshTextileMillsAssociation
Fibre2Fashion
18-07-2025
- 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Bangladesh's National Board of Revenue (NBR) has withdrawn the 2-per cent advance income tax (AIT) that it had recently imposed on the import of cotton and other textile fibres.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 Bangladesh's National Board of Revenue has withdrawn the 2-per cent advance income tax that it had recently imposed on the import of cotton and other textile fibres.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)
Fibre2Fashion
24-04-2025
- Business
- Fibre2Fashion
Back duty-free entry for US cotton-made RMG: Bangladesh BTMA to NCCA
The Bangladesh Textile Mills Association (BTMA) has requested the National Cotton Council of America (NCCA) to back Bangladesh in negotiating duty-free access to the US market for readymade garment (RMG) products manufactured using US cotton. The textile millers' association also called for permanent waiver of the additional 37-per cent duty on exports to the United States to help expand US cotton exports to Bangladesh. The Bangladesh Textile Mills Association has urged the National Cotton Council of America to back Bangladesh in negotiating duty-free access to the US market for US cotton-made garments. It also called for permanent waiver of the additional 37-per cent duty on exports to the US to help expand US cotton exports to Bangladesh. A BTMA delegation is scheduled to visit the US for high-level dialogue. A letter by BTMA president Showkat Aziz Russell to NCCA president and chief executive officer Gary Adams said the 90-day tariff suspension window presents a "critical opportunity for strategic diplomacy and negotiation", and called for Bangladesh's permanent removal from the list of countries facing the extra duty. During this grace period, a baseline reciprocal US duty of 10 per cent has been introduced, implying Bangladesh currently faces a total 26 per cent duty on exports to the United States. A BTMA delegation is scheduled to visit the United States for high-level dialogue with government and private stakeholders, according to domestic media outlets. The association represents 1,856 member mills involved in yarn and fabric production, dyeing, printing, and finishing, with a cumulative investment worth $23 billion. BTMA is also preparing to establish a dedicated central warehouse in Bangladesh exclusively for US cotton, demonstrating its commitment to raising the use of American cotton in its production. Fibre2Fashion News Desk (DS)
