Referring to the country’s economy as dependent on agriculture, the Bangladesh Agro Processors Association (BAPA) has proposed to increase the income earned by producers, processors and exporters of agricultural products to 50 percent instead of 12 percent.
The organization has sought VAT exemption at the production stage of chira. Besides, Bapa has proposed to continue the subsidy of 20 percent against the export of agricultural processing products till the year 2026.
The organization proposed this in the pre-budget discussions held at the National Board of Revenue (NBR) recently.
Arguing in favor of the proposal, PRAN-RFL Group General Manager (Tax) Molla Asif Hossain said that agriculture plays an important role in the economy. In order to continue this trend of economy in the future, it is necessary to make 50 percent instead of 12 percent on the income earned by agricultural products production, processing and exporting organizations.
Other proposals of the organization include exemption of tax deduction at source against supply of agricultural products, exemption of income tax on production of sugar syrup from raw sugar, abolition of deduction of tax at source against disguised exports between two separate bonded units of the same company, exemption of advance income tax deduction against import of agricultural inputs, agricultural products 50% tax exemption on income earned by manufacturing, processing and exporting companies.
SM/JH
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