Staff Correspondent, bdnews24.com Photo: PMO
Bangladesh has announced a 10-year tax exemption for six individual sectors in agro-based industries to generate employment and tackle the drought in investment caused by the coronavirus pandemic. ); }
Finance Minister AHM Mustafa Kamal proposed to offer tax exemption, subject to certain conditions, for ten years to industries engaged in processing fruits and vegetables, producing milk, dairy products and baby food entirely from locally grown agricultural products, and manufacturing of agricultural machineries during the budget proposal he presented in the parliament on Thursday. Photo: PMO
“It is irrefutable that Bangladesh holds unlimited prospects in agro-based industries. Flourishing of agro-based industries and generation of employment are possible through the production of import substitute products in Bangladesh,”
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. ); }
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 manuf