Tax Exemption Proposed for Local Agro-products Manufacturers

Finance Minister AHM Mustafa Kamal has proposed to exempt tax for 10 years to industries engaged in processing locally grown agricultural products and machinery 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 machinery," he said while revealing the budget proposal at the Jatiya Sangsad on Thursday. 

He said that the manufacturing of import-substitute agricultural products in Bangladesh can help the country's agro-based industries thrive and create jobs.