Govt can save up to Tk 5,500cr with austerity measures: Finance Ministry

The government can expect to save up to Tk 5,500 crore for the austerity measures taken so far to preserve the foreign exchange reserves and tame inflation, according to the finance ministry.

IBFB criticises move to give amnesty to black money

The regular taxpayers will feel discouraged if there remains an option to whiten money by paying only 7 per cent tax, said Humayun Rashid, president of IBFB.

Proposed budget didn't reflect IT industry's demand: BASIS

The top IT trade body Bangladesh Association of Software and Information Services (BASIS) today said the proposed budget did not reflect the industry’s demands for the development of the sector.

Cars, motorcycles to cost more

In the proposed budget for the fiscal year 2022-23, the supplementary duty has been increased for motor vehicles. This may increase the prices of cars and motorcycles.

Cup of coffee will cost you more

Coffee prices may rise as the finance minister today proposed imposing 20 per cent supplementary duty on processed and ready-to-consume coffee.

ICT Division get increased allocation of Tk 274 crore

According to the budget for the fiscal year 2022-23, it has been proposed that Tk 1,917 crore will be allocated for the ICT Division.

Symptoms diagnosed, but no medication prescribed: CPD

The budget for the upcoming fiscal year has appeared to be insufficient in terms of needed measures, incomplete in terms of outlining strategies and inadequate in terms of addressing the present macroeconomic challenges, said the Centre for Policy Dialogue today.

‘Tackling inflation key challenge for new budget’

Enhancing private sector investment, employment generation, revenue shortfall and financing are some of the challenges of the proposed budget, said Rizwan Rahman, president of the Dhaka Chamber of Commerce and Industry (DCCI).

Pay tax timely or lose utility connections

From the next fiscal year, the tax authority is going to introduce a provision of disconnecting utility services of taxpayers for their failure to pay undisputed revenue demand of the government.

Show proof of tax return to avoid interest penalty on deposits

In the proposed tax measures, the tax authority wants to impose 50 per cent tax on the interest earnings if the account holder fails to submit proof of submission of tax returns.

Spending on meditation services to rise

People may have to spend more for taking meditation services from the next month as the finance minister today recommended withdrawing the VAT exemption benefit the services have been enjoying since 2016-17.

Tourism industry gets Tk 1,000 crore incentive

The government has declared an incentive package of Tk 1,000 crore for the tourism industry to help it revive from the brunt of the protracted Covid-induced pandemic and the current uncertainty.

Tk 5,000 crore fund to manage shocks of natural disasters

Finance Minister AHM Mustafa Kamal today proposed allocating Tk 5,000 crore as the ‘Fund for managing the shocks of natural disasters’ in the upcoming 2022-23 fiscal year.

Corporate tax rates slashed

The government has proposed to cut the tax rate for one-person companies (OPCs) from 25 per cent to 22.5 per cent in order to attract investment in the private sector.

Capital machinery duty to remain unchanged for small industries

The government proposed keeping the import duty for capital machinery unchanged at 1 per cent for the small and medium industries to give a boost to the sector.

How will the prices of consumer electronics fare up?

While most consumer electronic products will see an increase in their prices, a few consumer electronics are expected to have reduced prices after the proposed budget for the fiscal year 2022-2023.