Bangladesh: Pollutant, listed cos not to get tax rebate

Dhaka, July 6, 2014 (New Age): The industrial units which will pollute environment will not get income tax rebate facility the government has offered in the budget for this fiscal year for newly-established industrial units and the industries to be relocated from overcrowded city corporation areas, officials of the National Board of Revenue said. They said the companies listed with the country’s stock exchanges would not also get the benefit. The income tax wing of the NBR on July 1 issued a statutory regulatory order, setting some conditions for getting tax rebate facility. In the budget for the fiscal year 2014-2015, the government offered 20 per cent tax rebate benefit for newly-established industries and for industries to be relocated outside of the city corporations between July 1, 2014 and June 30, 2019. The industries will get the benefit for 10 years from the date of its commercial operations while the industries which have already started its commercial activities will get the tax rebate at the rate of 10 per cent for the next 5 years. The facility is offered to encourage industrialisation in the country as well as relocation of the existing industries from the overcrowded cities like Dhaka, Chittagong, Gazipur and Narayanganj. According to the SRO, the industries which get tax holiday, income tax exemption and pay income tax at reduced rate will not be allowed to enjoy the benefit during the period they enjoy the facilities. Tax rebate offer came into effect from July 1. Officials of the revenue board said that the companies listed with the country’s two stock markets had already got special tax benefit as they pay income tax at the rate of 27.5 per cent whereas other companies pay income tax at the rate of 35 per cent. So, the listed companies are kept out of the benefit, they said. On the other hand, the government has decided to encourage environment-friendly industries to protect environment from pollution.