Speaking during the budget discussion in parliament on Tuesday, Abdul Latif Siddiqui said the budgetary measures would create problems for the readymade garment (RMG) sector. ‘The RMG sector is in distress and in such a situation, if tax is increased, it will add salt to injury,’ he said.
‘NGOs are creating problem for the sector, workers are instigated and a vested quarter is trying to destroy the export sector,’ the minister said.
‘The tax imposition in the budget is not balanced and I request the finance minister to revise it,’ he added.
Finance minister Abul Maal Abdul Muhith in the budget for 2011-12 proposed to increase export tax from 0.5 per cent to 1.5 per cent.
‘Cotton price in the international market is very volatile and it has pushed up the thread price,’ Siddiqui said, adding, ‘It hits the RMG sector hard.’
‘The sector needs incentive package.’
Siddiqui said the jute sector had reinvigorated as farmers were getting fair price of the golden fibre.
‘I thanked the finance minister to relieve the sector from all the liabilities, but that’s not enough,’ he said.
No business would run without capital, and therefore, he urged the finance minister to provide capital for the next one year.
Source: The New Age, Wed, 15/06/2011
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