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Irrigation subsidy doubled

Hosts of measures to boost farm sector

Staff Correspondent
The proposed budget for fiscal 2008-09 contains several measures to boost agriculture sector, including raising direct cash subsidy to farmers using diesel-powered irrigation pumps to Tk 540 crore from Tk 250 crore this year, and taxholiday for agro-processing industries.
The finance adviser in his budget speech also proposed keeping Tk 2 lakh to Tk 2.15 lakh as tax-free income for persons having only
agricultural income. Besides, he proposed tax exemption for farms engaged in various agri-sub sectors such as fisheries, poultry, cattle breeding and dairy.
On agri-credit, the proposed budget has set a target of disbursing Tk 9,000 crore, eight percent up fromTk 8,308 crore this fiscal year.
“Government has attached special importance to the development of agriculture in the milieu of global food crisis and increase in food prices,” Mirza Azizul Islam said.
"To reduce dependence on imports and ensure food security, we have no option but to increase food production."
Direct cash subsidy, introduced for the first time in die current fiscal year, was distributed among more than 65.93 lakh farmers in 484 upazilas. "Reaching the cash subsidy directly to the beneficiaries is by itself a remarkable achievement," he said.
And efforts are underway to formulate upazila-based action
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Efor increased production of all of crops, the adviser mentioned.
Referring to the losses in poultry' industry due to bird flu, he proposed duty exemption for this industry.
Facilities like tax holiday and duty exemption for import of equipment, medicine and vaccines have been extended for development of livestock sub-sector.
To encourage people in farming, Miza Aziz proposed that persons having only agricultural income shall not be subject to payment of taxes for an income ofup toTk 200,000.
“The taxfree income limit will beTk 215,000 for wo men and people exceed -ing 70 years of age. who have only agricultural income,” he said.
Ilie finance adviser also recommended extending the current tax exemption penodby three years from 1 July this year for income from farms engaged in fisheries, poultry, cattle breeding dairy, mushroom cultivation and silkworm production.
Tax exemption has also been proposed for income from seed production. marketing of locally produced seeds and cultivation of flowers and plants.
Mirza Aziz recommended reducing customs duty' on equipment used in agriculture sector such as irrigation pump, diesel engine and tractor to three percent from various existing rates.
He also proposed waiving all duties and taxes on items like poultry feed, cattle feed and fish feed.
Meanwhile, Asaduzzaman, research director of Bangladesh Institute of Development Studies, described the proposed budget as ’quite friendly to agriculture. ’
“It is quite friendly to agriculture. But how far the subsidies proposed here are consistent with the provisions ofWTO rules need to be closely exam -fried,” hesaid.
The proposed budget contains some good ideas like income tax exemption for persons having only' agricultural income, and these would encourage people to concentrate on farming Asaduzzaman said.
“On the whole, it is (proposed budget) fine in such a critical economic situation,” he said, stressing successful implementation of the offers.