Finance Minister AHM Mustafa Kamal has proposed an exemption of advance tax on agricultural machinery to reduce the production cost of agricultural machinery for the national budget 2023-204 fiscal year.
He said: “To facilitate trade and reduce production costs, I am proposing exemption of advance tax on the import of certain products. These products are rice transplanters, dryers, all types of sprayer machines, and potato planters used in agriculture.”
Apart from this, he proposed tax exemption on the import of all types of containers.
The finance ministry has proposed to allocate Tk35,374 crore for the agriculture sector (agriculture, food and fisheries and livestock) for the 2023–24 fiscal year in the national parliament.
Budget allocation for the agriculture sector was Tk33,698 crore in FY2022-23.
Finance Minister AHM Mustafa Kamal on Thursday unveiled a Tk7,61,785 crore proposed national budget for the 2023–24 fiscal year in the national parliament.
He started reading out the budget at parliament on Thursday.
The proposed budget will be 15.2% of the Gross Domestic Product (GDP).
