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.
No ray of hope for taxpayers
While the cost of living remains high, with the inflation rate hovering at over 9 percent throughout the year, no ray of hope came for the common people in the budget declared yesterday. This is upsetting for the low and middle-income groups of society.
Mobile internet, talktime to be costlier
The government has hiked the supplementary duty on mobile top-ups alongside VAT on SIM cards, pushing up costs that will be incurred by mobile and internet users, which will inevitably put a financial strain on access to essential services.
Budget deficit may stoke inflation
The budget for fiscal 2024-25 proposes a total expenditure of Tk 797,000 crore with a total tax revenue of Tk 541,000 crore, resulting in a deficit of Tk 256,000 crore.
Budget unlikely to make dent in soaring inflation
The new budget for the upcoming fiscal year is unlikely to provide respite from one of the longest spells of sustained inflation in Bangladesh as the government’s measures appear to be missing the impetus required to contain the price spiral.
Budget embraces correct strategic direction
The proposed national budget for FY25 has remained a widely speculated topic for the people of this country. Bangladesh has been navigating a precarious global economy over the last 24 months, and the economic aftereffects of Covid-19 and the Ukraine-Russia have not only complicated macroeconomic management but created widespread concerns across both domestic and international actors.
Budget FY25: What does it mean for you?
Budget FY25 What does it mean for you?
Budget Snippets
Bangladesh’s per capita income will be $3,000 at the end of FY25 as the government expects economic growth to recover. Per capita GDP is projected at $2,780 at the end of FY24. It has been growing steadily over the last two decades. It was $700 in 2000 and about $300 in 1990.
‘It’s an anti-Bangladesh budget’
BNP Secretary General Mirza Fakhrul Islam Alamgir yesterday termed the proposed national budget “anti-Bangladesh”, saying it contains new schemes to facilitate the embezzlement of public money by the ruling party-backed looters.
Old malaise flaring up
The budget for the upcoming fiscal year, presented in the context of inordinately complex economic circumstances, reflects both the government’s restraint and limitations.
Budget shows fault lines, not a path out of the crisis
Finance ministers don’t possess crystal balls to captivate the audience with mystical allure. They don’t have magical foresight. They are real-world agents of economic policy. In times of crisis, which often repeats itself in modern capitalism, they chart a path out of the dark abyss. Sometimes they prove to be successful, sometimes not.