Textile millers urge immediate withdrawal of 2% advance income tax

Textile millers today urged the government to immediately withdraw the 2 percent advance income tax (AIT), saying the levy is hurting the sector.

At a press conference held today at the Gulshan Club, the Bangladesh Textile Mills Association (BTMA) said the $23 billion primary textile sector is struggling to remain competitive due to low gas pressure, high bank interest rates, and a reduction in cash incentives on exports.

At this stage, the imposition of the 2 percent AIT has further exacerbated the situation, it added.