Bangladesh 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 AHM Mustafa Kamal during the budget proposal he put forward on Thursday, reports bdnews24.com.
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.
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.