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Finance Minister Muhith extends VAT exemption for some manufacturers by two years
The government has extended the VAT exemption in certain cases by two years to June 30, 2019, according to a budget document.
Published : 1 June 2017, 01:19 PM
Updated : 1 June 2017, 05:54 PM
In an effort to promote the growth of domestic industry, Finance Minister AMA Muhith has extended VAT exemption for local manufacturers of refrigerators and freezers by two years. The exemption was to expire on June 30 this year.
The existing VAT exemption for the local manufacturers of air-conditioners was expected to end on June 30. Muhith extended the benefits for the industry to June 30, 2019 as an incentive for the sector.
Palm and soybean oils have received the same benefits from the finance minister. VAT exemption has been extended for palm and soybean oils both at production and retail levels by two years.
The government aims to keep the prices of edible oil stable and within the buying capacity of consumers Muhith also extended the existing VAT waiver by two years to June 30, 2019 for local LPG cylinder manufacturers at the production stage to spur industrialisation and keep prices stable.
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