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January 28, 2002

BANGLADESH: Utility VAT Waived For Textile Firms

Value-added tax (VAT) on utilities is to be waived for export-oriented textile companies in an attempt to help them cope with the global economic slowdown.   The decision to make these companies exempt from the 15 per cent VAT on gas, electricity, water, telephone and ports was taken following a meeting between Finance Minister Saifur Rahman and leaders of Bangladesh Garments Manufacturer and Exporters Association (BGMEA).

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