Senior Correspondent, bdnews24.com
Published: 2021-06-03 18:40:32 BdST
“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,” said Finance Minister AHM Mustafa Kamal during the budget proposal he put forward on Thursday.
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.
Kamal 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.