The exporting firm or any individual can claim the incentives by submitting one or more applications within 360 days of receiving the export value
Four more products will get cash incentives from the government against their exports, according to the central bank.
The new products, each of which will receive the cash support at the rate of 4% over their export value, are locally produced tea, bicycle and its parts, MS Steel products and cement sheet, said a Bangladesh Bank circular, issued by foreign exchange policy department on Monday.
The exporting firm or any individual can claim the incentives by submitting one or more applications within 360 days of receiving the export value.
However, the normal system of submitting the audit reports will be applicable in this regard. The new order will be effective from fiscal 2021-2022. In this case, each of the product's local value addition has to be a minimum of 30%.
At present, some 38 items of local products have been receiving cash incentives against the export at different rates from 1% to the highest 20%. The current incentives for these items will continue.
The BB circular also mentioned that cash incentives will also be provided for the export of the products produced in the export processing zones, economic zones and hi-tech parks under the A, B and C categories.
Besides, cash incentives at the rate of 4% will be provided for the export of IT services and software by individual freelancers. But their claim has to be authenticated by the Department of Information and Communication Technology and freelancers need to have government certificates.
Apart from this, float glass sheet, opal glass wire, cast iron and aluminium engineering products, and light engineering products will be considered for export subsidy. As well as high-tech products (compressors) and HCFC-free refrigerators as electronic products will receive export subsidies under the consumer electronics, electrical home and kitchen appliance sectors.