Dhaka, July 4 -- Bangladesh's primary textile industry is feared to head towards a serious disruption, the Bangladesh Textile Mills Association (BTMA) has warned, calling for urgent policy reversals to safeguard local spinning mills from collapse and maintain competitiveness in the global market.

The association has urged the government to immediately withdraw the 2.0 per cent Advance Income Tax (AIT) imposed on imported cotton and revise down corporate tax to 15 per cent from 27 per cent to safeguard the country's primary textile sector from a looming crisis.

In separate letters sent to the finance and commerce advisers, the Bangladesh Bank Governor, and the Chairman of the National Board of Revenue (NBR) on Thursday, BTMA President Sh...