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.
Finance Minister AHM Mustafa Kamal proposes to allocate Tk 28,051 crore for the power and energy sector in the new fiscal year, up by 5.84 per cent from Tk 26,502 crore in 2018-19.
Necessary funds are allocated for the enlistment of new schools under MPO (Monthly Pay Order) system in the proposed national budget for FY 2019-20.
The budget for fiscal 2019-20 is aiming for a growth rate of 8.2 per cent, banking heavily on the expected growth of the running fiscal.
The budget for fiscal 2019-20 is focusing on grooming business and private sector growth, Finance Minister AHM Mustafa Kamal has said.
Total revenue collection is estimated at Tk 3,77,810 crore in the proposed national budget for fiscal year 2019-20.
The cabinet has approved the proposed national budget for fiscal year 2019-20. It was approved around 2:15pm with Prime Minister Sheikh Hasina chairing the special meeting held at the parliament complex, Parliament Secretariat sources said.
Budget documents will be available on different websites of the government, as Finance Minister AHM Mustafa Kamal is set to announce the proposed national budget for FY20 this afternoon.
Tax and fiscal policies framed and applied by the government are not progressive enough to reduce inequality in the society, said analysts.
Mobile phone users might have to spend more as the National Board of Revenue is expected to seek a hike in the supplementary duty (SD) on calls, data and other services in the coming fiscal year, said officials.
The Bangladesh economy is taxing for take-off -- for its long-haul flight to the developed country club, with couple of stopovers in between.
