Budget 2022-23
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.
Laundered money: Kamal takes flak in JS for amnesty
Lawmakers of both the ruling and the opposition parties heavily criticised Finance Minister AHM Mustafa Kamal yesterday for his budget proposal of legalising laundered money for a 7 percent tax.
‘Ensure simple tax measures to attract FDI’
Simplification of tax administration and proper infrastructure development are needed to attract more foreign direct investment (FDI) in Bangladesh, analysts said in a roundtable today.
Achieving budget will be challenging, not impossible: ICMAB
Achieving the huge proposed budget for fiscal year 2022-23 in the post-pandemic period is a huge challenge for the government but it is not impossible, said Md Mamunur Rashid, president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB).
‘Budget cautious, but should reconsider amnesty to black money’
The former Bangladesh Bank governor also stressed the need for cutting unnecessary spending and allocating more for social safety, education and health.
Proposed taxes, reforms praiseworthy: ICAB
The government has made a timely proposal to impose 12 per cent tax on general industries and 10 per cent on green industries, the Institute of Chartered Accountants of Bangladesh (ICAB) said today.
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.
Penalty halved for missing VAT, turnover tax return deadline
The government has cut the fine by half in the case of failure of filing value-added tax (VAT) and turnover tax returns by the due date.
Social safety net allocation to rise 5.5%
Finance Minister AHM Mustafa Kamal today proposed increasing the allocation by 5.5 per cent year-on-year for social safety net programmes carried out by the government.
Hefty subsidy to create challenge for budget management: Kamal
A hefty amount of subsidy allocated by the government to offset the price increases in the global market may pose a challenge in the budget management for the next fiscal year, said Finance Minister AHM Mustafa Kamal today.
Garment or non-garment -- same tax rates for all export industries
The government has proposed a uniform tax rate on the earnings of the services export and goods with a view to encouraging diversification of export goods and ensuring a level-playing field for all other sectors exporting goods and services.
Bangladesh Bank to carry out study for rolling out digital currency
The Bangladesh Bank will conduct a feasibility study on the possibility of introducing a Central Bank Digital Currency (CDBC) in Bangladesh, said Finance Minister AHM Mustafa Kamal in his budget speech today.
6 challenges for Finance Minister
Finance Minister AHM Mustafa Kamal sees six major challenges for the fiscal year 2022-23:
Additional 1% cash incentive on garment exports to continue
The additional 1 per cent cash incentive on the export receipts of readymade garments would continue in the next fiscal year as the government looks to boost the shipment of clothing items.
Social security, health sectors each get around 5% allocation
The public administration, education, technology, transport and communication sectors have been allocated the highest portion of the National Budget for FY 2022-2023.
5.6% inflation target set for FY2022-23
The government has set a 5.6 per cent inflation target in the proposed budget for the 2022-23 fiscal year although the prices of essentials and other commodities are persisting at higher levels.