'Made in Bangladesh' brands get tax break

Bangladesh has announced a 10-year tax exemption for 'Made in Bangladesh' brands in the year starting Jul 1, reports bdnews24.com.

"The government is pledge-bound to nurture the 'Made in Bangladesh' brand to accelerate 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.

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.