Bangladesh exempts household appliance industry from VAT

 
News Desk, 
bdnews24.com
Published: 03 Jun 2021 08:35 PM BdST
Updated: 03 Jun 2021 08:35 PM BdST
Finance Minister AHM Mustafa Kamal arrives in parliament to present the national budget for fiscal 2021-22 on Thursday, Jun 3, 2021.
The government has exempted the household appliance industry from Value Added Tax or VAT to ease the dependence on foreign goods.
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In the FY 2021-22 budget unveiled on Thursday, the government included VAT exemption on locally manufactured blenders, juicers, mixers, grinders, electric kettles, rice cookers, multi-cookers and pressure cookers.
Washing machines, microwave ovens and electric ovens made in Bangladesh will also enjoy the VAT exemption.
The exemption of Advance Tax on raw materials of iron products, scrap vessels and ethylene glycol, terephthalic acid, ethylene of propylene will help the businesses manufacture PVC and PET resins, used in boardy leatheroid, paint and adhesive agents, or fibres for clothing, containers for liquids and foods, and thermoforming for manufacturing.

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