Finance minister Abul Maal Abdul Muhith on Thursday proposed to set tax rebate at 20 per cent for the industries newly established in the least developed areas of the country and for those which will be shifted to the areas between July 1, 2014 and June 30, 2019 for the next 10 years from the date of beginning commercial operation. In the proposed budget for the 2014-15 fiscal year, he also proposed to extend tax holiday facility for the eligible industries in the areas by 3 years.
The finance minister proposed to set tax rebate rate at 10 per cent up to June 30, 2019 for the existing industries in the areas.
Muhith also proposed to extend the period of tax holiday facilities from 7 years to 10 years for the existing and to be established industries.
The finance minister said that the steps had been taken to give impetus to new industrial venture of enhancing investment and increasing employment opportunities.
‘Industrialisation in the areas other than city corporations including Dhaka, Chittagong, Narayanganj, Gazipur would effectively create massive employment berths in the least developed areas,’ Muhith said.
-With New Age input
