The proposal of reducing taxes and tariffs in the proposed budget for 2021-22 may reduce the prices of mobile, TV and hybrid cars.
Prices of microbuses, refrigerators, air conditioners, rice cookers, ovens, washing machines, microwave ovens, computers, cement, rods, agricultural machinery, e-learning platforms, etc. may also go down.
In a budget speech in Parliament at 3 pm on Thursday (June 3), Finance Minister AHM Mustafa Kamal said the existing VAT exemption facility for the production of refrigerators, freezers and their compressors would be extended for one year; Extension of its existing VAT exemption facility for production of air conditioners and its compressors for three years. I am proposing to extend the existing VAT exemption facility for the production of motor cars and motor vehicles for five years as well.
He said most of the mobile phones currently used in the country are manufactured and assembled in the country. That is why I am proposing to extend the existing VAT exemption facility for mobile phone manufacturing and assembly companies at the local level for two years in order to expand the mobile and information technology sector at the local level.
Besides, manufacturers will get benefits if they produce computers in the country.
For this purpose, the Finance Minister has proposed to give 10 years tax exemption on the products produced in the country in the proposed budget of 2021-22 with the aim of establishing the ‘Made in Bangladesh’ brand.
The Finance Minister presented the proposed budget for the next financial year in the National Assembly on Thursday.