In recent budget for FY 22-23, Government of Bangladesh had reduced value added tax (VAT) on man-made fiber (MMF) and other types of fibers from BDT 6/kg to BDT 3/kg. Due to the earlier demand made by textile millers who had urged to cut off some taxes on MMF as usage of MMF had been increased for a past few years, government had taken into consideration and proposed in the current budget which has been already approved.
According to the proposal made by BTMA-Bangladesh Textile Mills Association on 24th February this year, they requested for cutting VAT by half on the sale of man-made fiber yarn to BDT 3/kg from BDT 6/kg as they pay the same on sale of Cotton yarn.
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