Tax exemption on agro-products would boost investments: Mir Nasir

The tax exemption on the agricultural products and machineries for 10 years in the proposed budget of 2021-2022 fiscal year will increase the investments in country, said Mir Nasir Hossain, former president of Federation of Bangladesh Chambers of Commerce (FBCCI) and Industries.

The decision of tax exemption on agricultural products is rational as production of milk, meat and eggs witnessed significant hike recently compared to previous time, he said in an instant reaction on Thursday.

Earlier, Finance Minister AHM Mustafa Kamal proposed tax exemption on industries engaged in processing locally grown fruits and vegetables, producing milk and dairy products, producing baby foods entirely from locally grown agricultural products, and manufacturing of agricultural machineries for ten years while unveiling the budget at the National Parliament on Thursday. 

Ten-year tax exemption on establishing new hospitals outside Dhaka, Narayanganj, Gazipur and Chattogram was also proposed in the budget, the former FBCCI president said.

"This was necessary for establishing new hospitals as people from different regions rush to Dhaka and Chattogram for treatment," he said.

Despite the increase in the allocation for social security, a large portion of the money will go to the elderly, widows, the physically challenged and the helpless. Referring to the issue, Mir Nasir Hossain said, "It is good that the allocation has been increased for them, but it is also necessary for those who have been affected by the Corona. At least every two months, the victims should get the allowance."