Tax rebate, tax holiday extension for units of least developed areas

The 2014-15 budget has proposed tax rebate and extension of tax holiday facilities for industrial units set up in the least developed areas to ensure sustainable industrialisation without disturbing the civic amenities.

 "Industrialisation in the areas other than city corporations including Dhaka, Chittagong, Narayanganj, Gazipur would effectively create massive employment berths in the least developed areas," the finance minister said in his budget speech.

Under the proposal, 10 per cent tax rebate for the industrial undertakings not eligible for tax holiday facilities set up in the least developed areas has been proposed up to June 30, 2019.

The budget has proposed 20 per cent tax rebate for the industrial undertakings not eligible for tax holiday facilities set up between July 1, 2014 and June 30, 2019 in the least developed areas up to next 10 years from the date of commencing commercial operation.

Some 20 per cent tax rebate for the industrial undertakings shifted to least developed areas between July 1, 2014 and June 30, 2019 up to next 10 years from the date of commencing commercial operation after shifting, it proposed.

Ten years of tax holiday for the industrial undertakings enjoying tax holiday facilities and set up between July 1, 2014 and June 30, 2019 in the least developed areas has been proposed from the existing 7 years.

 "I, therefore, propose to extend the existing tax holiday facilities from June, 2015 to June, 2019. I also propose to reinstate the facilities of accelerated depreciation alternative to tax holiday for the new industrial entrepreneurs," the minister said.

The minister has also proposed tax holiday facilities for pollution-free Hybrid Hoffman Kiln (HHK) brickfields aiming at protecting ecology and environment for sustainable development.