Budget 2024-2025
Govt may trim budget by Tk 100,000cr
The interim government is planning to revise the national budget for the current fiscal year urgently and cut “wasteful expenditures” in order to alleviate the pressure on the foreign currency reserves and tame persistent inflation.
No relief for consumers as inflation hits 12-year high
Lack of proper government actions is costing citizens dearly
Amnesty for black money holders is a disgrace
It will not reduce capital flight, only encourage malfeasance
Tk 7,97,000 crore budget passed in parliament
The parliament today passed the Tk 7,97,000 crore national budget for the 2024-25 fiscal year with the aim of achieving 6.75 percent GDP growth rate and keeping annual inflation at around six percent
Highest income tax rate stays unchanged at 25%
The government has moved away from its decision to raise the highest income tax rate to 30 percent and end tax holidays for investors in economic zones and hi-tech parks.
What the budget means for Bangladesh’s trade policy direction
It is important to recognise that trade has been the handmaiden of Bangladesh’s development.
Part: 4 BUDGET IN FOCUS / Budget Infocus: Direct spending on poverty reduction shrinks
The share of the total allocation for spending directly on poverty reduction has come down for the upcoming fiscal year despite persistently higher inflation, deepening the uncertainties of the poor.
Amnesty to black money may continue despite criticism
Despite widespread condemnation from economists, watchdogs, businesspeople and even multiple lawmakers, the government is expected to retain the amnesty allowing individuals and businesses to whiten black money without scrutiny by paying a 15 percent tax in the upcoming fiscal year.
Part: 3 BUDGET IN FOCUS / Startups neglected in proposed budget
The proposed budget for fiscal year 2024-25 offered no relief to startups and neglected their long-standing demands, in sharp contrast with the government’s vision for a Smart Bangladesh, where startups are key economic drivers.
Import duty cut for LDC graduation: Long way to go for readiness
The government has proposed removing and reducing import duties and supplementary duties on 282 products in fiscal year 2024-25 as it continues its efforts to prepare the nation for its graduation out of the Least Developed Country grouping.
No good news for the unemployed youth
Proposed budget offers no hope or way out for them
Power Grid gets large sums as govt prioritises transmission, distribution
In Bangladesh, the power generation capacity increased to 30,277 megawatts in 2023-24 from 4,942 MW in 2009, said Finance Minister Abul Hassan Mahmood Ali in his budget speech.
Textile, garment makers urge govt to reconsider their demands
Textile millers and garment makers in Bangladesh yesterday demanded that the government include some of their recommendations in the new national budget as many of the issues they raised remain unaddressed.
Power gets a third of Tk 108,240cr subsidies
More than a third of the subsidies allocated in the new budget is for the power sector due to what experts say is the huge spending on capacity charges.
Who will actually have to pay 30 percent income tax?
What is a progressive tax system? Well, it means that the income tax rate climbs up as the income increases. But that still doesn't mean that the raised income tax rate will apply for the entirety of someone's income
An uninspiring budget proposal
It fails to commit to reforms and address people’s sufferings
Govt measures will tame rising inflation
Finance Minister Abul Hassan Mahmood Ali yesterday expressed hope that the government would be able to curb high inflation on the back of budgetary measures and the central bank’s steps.
No concrete steps to address inflation, low reserves: CPD
The proposed national budget for fiscal 2024-25 lacks concrete measures for addressing the current economic concerns, such as runaway inflation and depleting foreign exchange reserves, the Centre for Policy Dialogue (CPD) said yesterday.
Tax exemption in FY25 rises to Tk 163,000cr
Tax exemptions provided by the National Board of Revenue (NBR) are estimated to rise to Tk 163,000 crore in fiscal 2024-25 as the tax administration looks to ease the pressure on individuals and facilitate higher economic growth.