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Incentive for local heavy industries to continue
Domestic heavy industries manufacturing refrigerators, freezers and air-conditioners will continue to enjoy incentive in the new fiscal year.
“VAT incentive has been given to domestic heavy industries manufacturing refrigerators, freezers and air-conditioners up to 30 June, 2016. I propose extending this VAT exemption facility up to 30 June, 2017 as an incentive for the industry,” Finance Minister AMA Muhith said in his budget speech in parliament on Thursday.
He, however, said these facilities will not be extended to local motorcycle industries.