Tax exemption for ‘made in Bangladesh’ products

Finance minister AHM Mustafa Kamal has pledged again for the establishment of “made in Bangladesh” (local) brands while presenting the national budget for 2021-22 fiscal at the parliament on Thursday. For this he has proposed a 10-year tax exemption for local brands.

The finance minister said, “The government is pledge-bound to nurture the ‘Made in Bangladesh’ brand to accelerate establishment of mega industries and production of import-substitute industrial goods in the country."

"In this connection, I propose to provide tax exemption, subject to certain conditions, to the companies engaged in production of three and four wheelers in Bangladesh for ten years which may be extended to further ten years on the fulfillment of certain other conditions,” said AHM Mustafa Kamal.

“I also propose to provide tax exemption, subject to certain conditions, to the companies engaged in production of certain home and kitchen appliances as well as light engineering products for ten years,” he added.

He said approval of these proposals would encourage the local manufacturers.