Dairy, poultry and fisheries sectors get tax cut
Finance minister Abul Maal Abdul Muhith on Thursday proposed to eliminate tax disparity among the shipbuilders to make a level playing field in the sector and to extend the period of existing tax exemption on income from poultry industry from June, 2013 to June, 2015.
He also proposed to reduce the tax rate on hatchery, dairy firm and dairy industry to 3 per cent from 5 per cent
Muhith in his budget speech said ships up to 5000 DWT capacity are now produced in the country.
But ships above 3000 DWT enjoy exemption from customs duty, supplementary duty and value-added tax, he said.
‘At this, the legitimate interests of domestic shipbuilders are affected. In such situations it is proposed to exempt [from tax] ships of above 5000 DWT,’ he said.
Muhith said the shipbuilding industry enjoys exemption of all duty and taxes above 5 per cent on the raw materials.
‘In order to further help this sector, a few essential items generally used in this sector, such as anchor chain with standard accessories, life boat, rafts and navigation lights are proposed to be allowed the same concessionary duty and tax benefit under the same notification,’ he said.
The finance minister also proposed to reduce dump truck’s customs duty to 10 per cent from 25 per cent.
He also proposed to extend the existing rate of 15 per cent tax on income from jute and textile sector for the next two years.
Muhith proposed to increase the customs duty on commercial import of powder milk to 10 per cent from 5 per cent in order to encourage production of milk and milk-based products in the country.
The existing concessionary facilities of duty and taxes in poultry and cattle sector were proposed to be extended to some new items especially to the items of artificial breeding used in the livestock sector.
-With New Age input
