The government has proposed reducing the rate of tax on import of raw materials related to cement production from 3 percent to 2 percent.
It has also proposed a cut in tax on import of iron and iron products which are the key components of infrastructural development.“If tax incentive is provided to the industries engaged in production of these items, development of physical infrastructure will be easy and cost-effective, the finance minister pointed out.
“In this context, I propose to reduce the rate of tax on import of raw material related to cement production from 3 percent to 2 percent,” AHM Mustafa Kamal on Thursday said in his budget speech.
“I also propose to reduce the rate of tax deduction at source on supply of cement, iron and iron products from 3 percent to 2 percent.
“I am hopeful that these measures will help these industries to flourish and also enable them to make a positive contribution to the infrastructural development of the country.”