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.
Lack of proper government actions is costing citizens dearly
It will not reduce capital flight, only encourage malfeasance
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
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.
It is important to recognise that trade has been the handmaiden of Bangladesh’s development.
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.
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.
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.
But companies must go cashless
The government has decided to construct 4,032 rental-based residential flats for low-income individuals during the new fiscal year
The government has decided to raise the allocation for health sector by Tk 3,356 crore in the proposed budget of fiscal year 2024-25 today
What message is the government trying to send with its black money whitening facility?
The government has decided to cut 15 percent of allocation for the Ministry of Power, Energy and Mineral Resources in the proposed budget today..The allocation will be Tk 30,317 crore, which was Tk 34,819 crore last fiscal..Among the two divisions of the ministry, Power Division main
The government has reduced its expenditure by Tk 47,367 crore in the revised budget for the outgoing fiscal year 2023-24, bringing it down to Tk 714,418 crore..In the budget for FY24, total government expenditure was estimated at Tk 761,785 crore..However, considering overall governm
The government wants to raise VAT on the two items to 15% from existing 5%
The government has proposed a raise in allocation in the education sector by 7.42 percent to Tk 94,710 crore in the budget for the next fiscal year compared to the allocation in the outgoing fiscal year
In the fiscal year 2024-25 budget speech, Finance Minister Abul Hasan Mahmud Ali announced an increase in the supplementary duty on mobile phone calls and internet services. Effective immediately, the supplementary duty has been raised by 5 percent, bringing the total VAT on talk time and internet services to 20 percent from the previous 15 percent. This increase will be applied at the time of mobile phone recharge.
The Finance Minister has put forward a proposition to exempt from tax the incoming arising from several tech-related business activities, on the condition that the business holder is a resident or a non-resident Bangladeshi. Furthermore, the tax exemption will last three years and only on the condition that all business activities of such a person are cashless.
