The New Nation - Internet Edition

Staff Reporter

The government has taken steps to waive income tax and default loans of 270 ailing garment industries to rehabilitate, revive and help those resume production.

Progress in this regard was evaluated at a high level meeting at Commerce Ministry yesterday with Commerce Adviser Dr Hossain Zillur Rahman in the chair.

According to the Government decisions the sick industries will also get an opportunity to receive fresh loan and repay the principal amount of their default bank loans with 10 yearly instalments.

Owners of sick garment industries will not have to pay any amount for getting reschedule their default loans, the meeting sources said.

The BGMEA will submit a list specifying 270 garment factories to the Finance Ministry, while the Ministry will issue a separate circular by next two weeks relaxing the conditions of the Cost of Fund Recovery.

Bangladesh Bank will take necessary steps after getting the list of the organisations concerned, while the Commerce Ministry will send letters to the ministries of Finance and Law for disposal of the cases pending with the 'Artharin' (financial loan) and 'Deulia' (bankruptcy) courts.

The Commerce Ministry will also send letter to the National Board of Revenue (NBR) as per recommendations of the inter-ministerial committee for repayment of debts by instalments and waiver of unrealised income taxes.

The decision was taken at a high level meeting at Commerce Ministry yesterday with Commerce Adviser Dr Hossain Zillur Rahman in the chair.

An official announcement said the decisions were taken considering the important role of readymade garments (RMG) industry in national economy and export trade and in creating employment opportunity.

Additional secretary Golam Mostakim, joint secretary (export) Mostafa Mohiuddin, Export Promotion Bureau (EPB) director general M Khalilur Rahman, BGMEA president Anwar-ul-Alam Chowdhury and officials from the Finance Division, NBR and Bangladesh Bank were present.

While talking to The New Nation, BGMEA president Anwar-ul-Alam said, the steps will help closed garment factories to go to production.

"The garment sector is doing well facing huge internal and external challenges. We want speedy and smooth implementation of the decisions to remove barriers to our export growth.