Dhaka: The country’s apparel exporters on Sunday demanded corporate tax cut, saying that the current higher rate of corporate tax is causing huge loss to the readymade garment (RMG) and textile sectors.

Leaders of the major trade-bodies of the RMG and textile at a meeting with Finance Minister AMA Muhith in his office urged the minister to cut the corporate tax, which is currently 35%.

Responding to the demand, the finance minister said that the issue of reducing corporate tax would be considered after discussion with all concerned.

The leaders also demanded scrapping audit system for providing cash incentives and making the tax payment procedure easier and hassle-free.

Commerce Minister Tofail Ahmed, who also attended the meeting, drew attention of the finance minister to the issue, seeking his effective steps to address the matter.

In an instant response to the demand, senior secretary of the finance ministry Mahbub Ahmed has been given the responsibilities to find the ways of making tax payment system easier and hassle-free.

In the meeting, the exporters also discussed on some others issues including additional 2% cash incentive against the export to Euro zones.

Senior Secretary of the commerce ministry Hedayetulla Al Mamun, Chairman of National Revenue Board (NBR) Nojibur Rahman, president of Bangladesh Garment Manufacturer and Exporter Association (BGMEA) Siddiqur Rahman, president of Bangladesh Knitwear Manufacturer and Exporter Association (BKMEA) AKM Selim Osman, president of Exporters’ Association of Bangladesh Abdus Salam Murshedy and acting president of Bangladesh Textile Mills Association (BTMA) Md Fazlul Haq attended the meeting.