Tax exemptions extended for manufacturing of household electronic products
To promote domestic industry and discourage imports, the existing tax exemption facility for the production of various household products has been extended for another two years.
Finance Minister AHM Mustafa Kamal proposed to increase the exemption facility in the budget tabled in the National Parliament on Thursday afternoon.
Among them, ongoing benefit of exemption from value added tax at the manufacturing stage of washing machines, microwave ovens, electronic ovens and import and local purchase of necessary materials and parts used in the production of these products (including advance tax) and supplementary duty (if any) till 30th of 2025. An extension is proposed till June.
During the same period, value added tax on production of blenders, juicers, mixers, grinders, electric kettles, rice cookers, multi cookers and pressure cookers and the total value added tax (including advance tax) leviable on import and local purchase of necessary materials and parts used in the production of those products and Additional duty (if any) exemption is proposed to be extended.
The finance minister said, 'In order to attract local and foreign investment, create employment, produce import substitute products and maintain the ongoing dynamics of domestic industrial development, I am proposing to bring necessary amendments along with providing and upholding tax exemption facilities in the employed sectors.'
