Income tax reduction in clothing industry

He said that the garments sector has made important contributions to employment and economic development in the country. At present, the sector is facing many pressures in the adverse circumstances of the international market.He said, considering the importance, the government has been encouraging several times. Taxpayers engaged in readymade garment production and exporting are taxed at zero percent of the rate of 7 percent and giving income of 20 percent. I propose to reduce income tax in the next 15 percent.Finance Minister Abul Maal Abdul Muhith is presenting the proposed budget of Tk 4,266 crore for the year 2017-18 fiscal year with the name 'Bangladesh on the highway of development'.This is Muhith's 11th budget as finance minister. And the current ruling Awami League government is in the ninth budget for two terms. Prior to this, Muhith presented the budget twice in 1982-83 and 1983-84 fiscal year.