The National Board of Revenue (NBR), the apex authority for tax administration in Bangladesh, has announced reduction of income tax rate for garment manufacturers and exporters from the existing 20 per cent to 12 per cent. The income tax rate cut is being provided for building pollution free industrialisation in Bangladesh and low carbon economy.

“From the current financial year 2017-18, company and others taxpayers without company will provide maximum 12 per cent which was 20 per cent for the financial year 2016-17,” NBR said in a circular, according to a report. Taxpayers of factories with international ‘Green Building Certificate’ will get further benefit as they would have to pay 10 per cent income tax from this fiscal, the circular added.