Tax exemption proposed for local agro-products manufacturers
Finance Minister AHM Mustafa Kamal has proposed to offer tax exemption for 10 years to industries engaged in processing locally grown agricultural products and machineries in the budget for the 2021-2022 fiscal year.
"I propose to offer tax exemption, subject to certain conditions, for ten years to industries engaged in processing locally grown fruits and vegetables, producing milk and dairy products, producing baby foods entirely from locally grown agricultural products, and manufacturing of agricultural machineries," he said while unveiling the budget at the National Parliament on Thursday.
He said the flourishing of agro-based industries and generation of employment are possible through the production of import substitute agricultural products in Bangladesh.
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"Moreover, 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," he added.
