Independent IT professionals and tea exporters to get cash incentive

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Exporters of locally grown tea will benefit from a 4 percent cash incentive in the current fiscal year. Photo: star / file

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Exporters of locally grown tea will benefit from a 4 percent cash incentive in the current fiscal year. Photo: star / file

Freelancers working in the export of software and IT services will benefit from a 4% cash incentive, as will exporters of locally grown tea, bicycles and parts, steel products and cement sheets. during the current fiscal year.

Freelancers will need to meet certain conditions to qualify for the benefit.

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With this addition, the list of products or sectors eligible for financial export incentives increases to 43, including freelancers for the current fiscal year 2021-2022, compared to 38 the previous year, according to a circular from the Bangladesh Bank. .

Besides these products and 1% cash support for garment exports, the government said yesterday that investors in industrial enclaves under the Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zones Authority (BEPZA) and the Bangladesh Hi-Tech Park Authority obtain a 1 percent cash incentive for the export of other items produced in the zones.

“The government is offering incentives to encourage exports,” said a senior Bangladesh Bank official.

Dominated by clothing, Bangladesh’s export earnings amounted to US $ 38.75 billion in fiscal year 2020-21, up 15% from a year ago, according to data from the Bureau of export promotion.

And the government provided up to 20 percent to complete the shipment of goods.

Currently, exporters of diversified jute products, active pharmaceutical ingredients, halal meat, potatoes, and fresh fruits and vegetables receive a 20 percent cash incentive. The benefit will continue for the next fiscal year, according to the Bangladesh Bank circular.

An incentive of around 15 percent is given to facilitate the export of products such as light engineering products, furniture, battery packs, leather goods, shoes and bags made of synthetic materials and materials. tissues and rice.

The government also offers 10 percent incentives to encourage exports of a number of products, including plastic products, computer services, and pharmaceuticals.

As in the previous year, small and medium-sized factories exporting clothing will benefit from a 4 percent incentive against exports for the current fiscal year.

According to the circular, export-oriented factories will receive a 4 percent incentive instead of obtaining a duty-free advantage for importing raw materials for export and a duty drawback. .

Yesterday, the central bank also added sheets of float glass, cast iron and aluminum to the list of light engineered products to gain export advantages. He also included compressors in the list of electronic devices eligible for the incentive.

The Bangladesh Bank said companies will need to add 30 percent value locally to take advantage of the advantage.


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