Finance Minister AHM Mustafa Kamal has proposed to make necessary amendments in the rules and to reduce VAT on paper cone manufacturing from 15 per cent to 5.0 per cent in the budget for the next fiscal year 2021-2022 to flourish the country’s light engineering sector.
The year 2020 was declared as ‘Light Engineering Products Year’ by the Prime Minister, he noted during his proposal of the fiscal 2021-22 budget on Thursday.
The proposal came to make the provisions of exemption easier for production of capital machinery by the light engineering sector so that it may flourish, he added.
