JS-42 Made in Bangladesh’ brands to get tax exemption

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JS-42

BUDGET-FY22-TAX-EXEMPTION

Made in Bangladesh’ brands to get tax exemption

DHAKA, June 03, 2021 (BSS) – The government has announced a 10-year tax exemption for ‘Made in Bangladesh’ brands in the year starting Jul 1.

“The government is pledge-bound to nurture the ‘Made in Bangladesh’ brand to accelerate the establishment of mega industries and production of import-substitute industrial goods in the country,” said Finance Minister A H M Mustafa Kamal while placing the national budget for fiscal year (FY) 2021-22 today at Jatiya Sangsad.

The exemption will apply to companies that produce three- and four-wheelers, home and kitchen appliances and light engineering products, if they follow certain criteria.

Companies producing three- and four-wheelers could get another ten-year exemption if they met additional qualifications, Kamal said.

He also pushed for a five-year extension of the VAT exemption for manufacturers of motor cars and motor vehicles to ‘maintain the existing momentum of growth in local industries’.

The minister also proposed a ten-year tax exemption on the production of selected IT hardware if it is manufactured in Bangladesh.

BSS/KUC/KU/1919 HRS