The high interest rate remains in the banking sector due to the default loan, says Toufic Ahmad Choudhury, former director general of Bangladesh Institute of Bank Management (BIBM).
Parliament passes the Tk 5,23,190 crore national budget for 2019-20 fiscal themed as “Bangladesh on a Pathway to Prosperity: Time is Ours, Time for Bangladesh.”
The parliament passes the Finance Bill 2019 with some changes in value-added tax (VAT) and in the policy of capital market and handloom industry.
Prime Minister Sheikh Hasina describes the proposed budget for FY 2019-20 as people-friendly, development-oriented and balanced one, saying that everyone will be benefitted by the budget as it will help continue the pace of ongoing development.
Lawmakers from treasury and opposition benches lambaste Finance Minister AHM Mustafa Kamal for keeping insufficient allocation for education, health and culture sectors in the proposed budget for 2019-20 fiscal year.
Senior Awami League leader Matia Chowdhury lambastes Finance Minister AHM Mustafa Kamal for increasing tax on family savings certificate from five per cent to 10 per cent in the proposed budget for 2019-20 fiscal.
The National Board of Revenue expects to collect about Tk 11,000 crore more for imposition of VAT on various goods and services and increasing rates on many others, said its officials.
The continuation of concessionary duties on raw material import for motorcycle manufacturers into fiscal 2019-20 would help the fast-growing sector, said market players.
Many importers are not receiving delivery of their goods after five per cent of advance tax (AT) was imposed on almost all kinds of imported goods including raw materials and machinery under the new VAT law.
The government will bring all of its employees under insurance coverage, says Finance Minister AHM Mustafa Kamal in his budget speech.
The budget for fiscal 2019-20 includes plan for pension for all. Pension for all employed citizens in both formal and informal sectors will be ensured gradually, says the budget proposal placed at parliament.
Fifteen per cent tax has been imposed on stock dividend distributed to the shareholders by any listed company in the proposed budget for fiscal 2019-20.
Finance Minister AHM Mustafa Kamal proposed 10 per cent supplementary duty on issuance or renewal of all kinds of vehicles registration, route permit, fitness certificates, ownership certificate.
Bangladesh government is planning to modernise the Anti-Corruption Commission (ACC) in order to curb corruption in the country.
The government proposes raising allocation in the education sector by 17 percent to Tk 61,118 crore in the budget for the next fiscal year compared to the revised allocation in the outgoing fiscal year.
Dominating export sector, the readymade garments industry is getting a highest cash incentive of 5 per cent in the budget for fiscal 2019-20.
With a plan to collect more tax, Finance Minister AHM Mustafa Kamal proposes not to increase the tax rate.
Finance Minister AHM Mustafa Kamal proposes allocation of Tk 100 crore to facilitate rehabilitation of the people affected by river erosion.
Mobile phone users are going to face higher bills for usage as supplementary duty proposed to make double as 10 per cent from its existing 5 per cent in the proposed budget.
