Budget News In Brief
INCENTIVE FOR FILM INDUSTRY
The government has put forward a stimulus package for the film industry.
The package consists of tax-breaks for five and seven years respectively for the construction of cinema halls and cineplexes, along with the withdrawal of the prevailing 35 percent supplementary duty.
DUTY EXEMPTION ON ETP
The government slashed duty to zero percent from 1 percent now on the import of equipment for setting up effluent treatment plants (ETPs) at export-oriented industries.
The current rate of such duty is 3 percent, while it is only 1 percent for export-oriented industries.
The government has introduced a crop insurance scheme with the sponsorship of Sadharan Bima Corporation on a pilot basis at Madhabpur upazila in Habiganj district.
DUTY ON ELECTRONICS GOODS
The government has withdrawn the recently imposed 20 percent regulatory duty on imports of refrigerators and motorbikes.
The existing duty structure of all other electronics goods, however, remains unchanged.
The pre-shipment inspection (PSI) system will be abolished from December.
QUALITY OF JOURNALISM
Journalist Assistance Allowance/Grants Guidelines 2012 will provide assistance to financially insolvent journalists.
FINANCIAL REPORTING ACT
The government has drafted a Financial Reporting Act to prevent over- or under-valuation of stocks.
The new act to be enacted next fiscal year will ensure transparent and reliable accountancy procedures.
The government has initiated a process to bring multi-level marketing companies and societies under a legal framework to make their activities transparent.
HS CODE FOR HILSA FISH
A separate HS Code (harmonised commodity description and coding system) for Hilsha fish will ensure accurate records of this popular export item.
TAX BREAKS FOR EPZs
The government proposes to extend uniform tax tax-breaks to all industries established in public and private EPZs.
In the existing system, industries established in the government EPZs only enjoy such tax benefits.