• Tuesday, Oct 20, 2020
  • Last Update : 08:39 pm

Government retains incentives on export products from FY20

  • Published at 08:59 pm September 21st, 2020
Photo: Bigstock

The 2% cash incentive also remained unchanged for the exporters of apparel products to the Eurozone in FY21 as it was awarded in FY20

The government on Monday retained the cash incentives for the current fiscal year 2020-2021 against export of products under 38 categories, which were announced in the previous fiscal.

In September last year, the Bangladesh Bank (BB) issued a circular announcing cash subsidy against export of products under 37 categories.

Later on January 30 this year, the BB issued another circular announcing 15% cash incentive against rice export.

Apart from the continuation of incentive for the sectors, the central bank’s circulars related to cash incentives would remain valid, said a BB circular issued on the day.

As per the central bank’s circular issued in September last year, additional 1% special incentive was applicable against the export of readymade garment products.

Among others, incentive against the export of consumer electronics, electrical home and kitchen would remain intact along with a number of products manufactured in economic zones and hi-tech parks.

RMG exporters were enjoying 1% additional special incentive in addition to the 4% cash incentive against export of new textile and garment products and expanding export of textile items to new markets, outside of the United States, Canada and the European Union.

Small and medium industries of the textile sector would get cash incentive at the rate of 4% against export of apparel products.

The export-oriented local textile sector would enjoy cash incentive at the rate of 4% as an alternative to duty bonds and duty drawbacks.

The 2% cash incentive also remained unchanged for the exporters of apparel products to the Eurozone in FY21 as it was awarded in FY20.

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