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.
Bad loans hit historic high
Default loans in the banking sector of Bangladesh hit an all-time high of Tk 182,295 crore, but no reform programme to reduce it has been announced in the budget for the upcoming fiscal year.
A fresh blow to stock investors
In yet another blow to stock market investors, the government plans to impose a capital gains tax on them from next fiscal year.
Breakdown of money spent over 13 years
The food ministry spent less in fiscal 2022-2023 compared to fiscal 2009-2010, according to data on expenditure over the last 13 years.
Tax burden to get heavier, life even harder
The tax measures unveiled yesterday for 2024-25 are not going to provide any relief to taxpayers.
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.
Budget falls short of what was needed
The macroeconomic imperative was to tighten the budget, particularly the domestic financing component of the budget deficit.
Energy sector overlooked: experts
They blame govt for focusing on imported solutions rather than own resources
Another mostly disappointing budget
Budget admits we are in a crisis, but offers no direction out of it
Govt servants to come under Universal Pension Scheme
All government officials who will be recruited after July 1 next year will be incorporated in the universal pension scheme
Understand the ins and outs of the budget with economist Dr Ashikur Rahman
From The Daily Star Newsroom