Bangladesh Budget 2020-21
MCCI, DCCI, BUILD demand review in 7 areas of proposed budget for FY 2020-21
Leaders of three leading business chambers demand deletion of certain proposed new provisions in the VAT Act 2012 and Income Tax Ordinance 1984 in order to maintain a business-friendly tax regime in light of the Covid-19 induced economic situation.
Tk 8,485 crore budget approved for 46 public universities
University Grants Commission (UGC) approves a budget of Tk 8,485.12 crore for 46 public universities of the country for 2020-21 fiscal year.
JS passes Tk 46,516.11 crore supplementary budget for FY 2019-20
The Jatiya Sangsad today passed the supplementary budget of Tk 46,516.11 crore for the 2019-20 fiscal year to meet additional expenditures under different ministries and departments in the outgoing fiscal year.
Whitening black money now more lucrative than ever
With the opportunity offered to money launderers by the government to whiten black money failing to draw a significant response, the new budget has made a new, lucrative proposition -- invest the money and no one, not even the income tax authority, will be able to question its source.
Government mulls 50 percent penalty to prevent laundered money
Finance Minister AHM Mustafa Kamal has proposed imposing a 50 percent penalty on misdeclaration of exports, imports and investments in overseas countries as the government aims to increase tax revenue and prevent money laundering, according to the budget proposal for fiscal year 2020-21.
RMG export: 1pc additional cash incentive to continue, source tax hiked to 0.5pc
Finance Minister AHM Mustafa Kamal has proposed continuation of 1 percent additional cash incentive for the country’s garment export in 2020-21 fiscal year too, considering the economic fallout from Covid-19 pandemic.
E-Judiciary project proposed for reducing time and costs
Finance Minister AHM Mustafa Kamal today proposed the implementation of an E-Judiciary project to reduce time and costs for litigants in the country.
Tk 568,000 crore budget unveiled; 8.2pc GDP growth target set
Finance Minister AHM Mustafa Kamal today placed Tk 568,000 crore national budget for 2020-21 fiscal with an ambitious target of 8.2 percent GDP growth amid the economic fallout due to the coronavirus pandemic.
Tk 100 crore health research fund proposed
Finance Minister AHM Mustafa Kamal today proposed to form an Integrated Health-Science Research and Development Fund’ of Tk 100 crore to finance the development of research in health-education and science and technology.
Chartered flights to become costlier; supplementary duty hiked to 30pc
Finance Minister AHM Mustafa Kamal has increased supplementary duty from 25 percent to 30 percent in the proposed budget for 2020-21 fiscal which would result in costlier operation of special chartered flights.
Disaster management and relief budget to be decreased in upcoming fiscal year
Despite much of the south-western parts of the country still reeling from the shock and damage of Cyclone Amphan, Finance Minister AHM Mustafa Kamal today proposed a reduction in allocation in budget for disaster management and relief.
Tk 29,247 crore proposed for health services, health education, family welfare
Finance Minister AHM Mustafa Kamal today proposed to allocate Tk 29,247 crore for the Health Services Division and Health Education and Family Welfare Division in the 2020-21 fiscal year.
No individual tax for income below Tk 3 lakh
The tax-free income limit for individual taxpayer has been increased in the proposed budget for FY 2020-21.
Gold prices may fall as finance minister proposes withdrawal of import VAT
The price of gold is likely to decline as Finance Minister AHM Mustafa Kamal today proposed withdrawal of VAT on import of gold.
Source tax rate from exports doubles to 0.5 percent
Exporters will face 0.5 percent tax at source of their export earnings from the next fiscal year as the existing 0.25 percent tax benefit is set to end this fiscal year, according to tax proposals placed by Finance Minister AHM Mustafa Kamal for the 2020-21 fiscal.
Mobile phone users to pay more
Mobile phone users will have to pay higher bills as supplementary duty is set to increase to 15 percent from the existing 10 percent in the proposed budget for fiscal year 2020-21.
Tk 95,574 crore allocated for social safety net programmes
The government has allocated Tk 95,574 crore in the social safety net programmes, which is 16.83 percent of total budget and 3.01 percent of GDP in FY 2020-21. In last year’s revised budget, the allocation was Tk. 81,865 crore.
Budget for coronavirus-battered education sector unchanged
The allocation for the education sector in the proposed budget for the upcoming fiscal year of 2020-21 remains almost unchanged in terms of size and percentage of Gross Domestic Product (GDP), compared to the current budget.