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 machinery during the budget proposal he presented in the parliament on Thursday.
“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,” the minister said explaining the reason behind his rationale.
“At this time of free trade, it is possible to take a substantial share of the global export market through value addition and diversification of agricultural products.”
The people who will invest in the sector between Jul 1, 2021, and Jun 30, 2030, will get the exemption, the officials of the National Board of Revenue said, according to bdnews24.com.