Bangladesh Budget FY27: Govt may offer tax breaks for edible oil production, remove regulatory duty on spices and dates
The government is considering tax incentives for edible oil producers using locally sourced oilseeds, including full tax exemption for five years, followed by reduced exemptions over the next five years. It may also remove the 5% regulatory duty on imported dates and spices to ease consumer costs.
The government is likely to announce tax incentives for edible oil production using locally produced oilseeds in a bid to increase domestic supply, according to sources familiar with the budget proposal.
Under the proposed measures, edible oil production businesses using local oilseeds may receive full tax exemption for the first five years.
This would be followed by a 50% tax exemption for the next three years and a 25% exemption for the subsequent two years, offering a total benefit period of 10 years.
Regulatory duty on spices and dates may be withdrawn
The government is also set to propose the withdrawal of the 5% regulatory duty on imported dates and all types of spices, in consideration of their widespread use in daily household cooking and diets.
Officials said spices form a significant part of regular food consumption, and the removal of the duty is expected to ease pressure on consumers.
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Source : The Business Standard
