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.
Price of imported electricity meters to rise
The import duty has been increased from 15% to 25%
What gets cheaper, what gets costlier
In this year's budget, depending on the facilities given and withdrawn, prices of products may increase and decrease
Finance minister's full speech of budget fiscal 2024-25
Finance Minister Abul Hassan Mahmood Ali placed Tk 7,97,000 crore national budget for 2024-25 in parliament.
Govt plans to impose capital gains tax on stock investors
They will face 15% tax if income crosses Tk 50 lakh
Surcharge structure unchanged
Currently, the rate of surcharge payable up to the net asset value of Tk 4 crore is nil
VAT on amusement parks may increase
Tour operator services, which include hotels and resorts as well as tour guides, may also no longer enjoy a 15 percent VAT exemption.
Govt withdraws VAT on laptops at import stage
The government has brought some changes in the duty structure for importing laptops in order to make the devices more affordable and bring relief to freelancers and students..The government plans to increase import duty of laptops from 5 percent to 10 percent and at the same time wants to
Shelled cashew nuts may get pricier
Finance Minister Abul Hassan Mahmood Ali today proposed imposing a 5 percent import duty and a 10 percent regulatory duty on shelled cashew nuts.
First Tk 3.5 lakh in income still tax free
Threshold increased for women, senior citizens, physically challenged persons, third gender, freedom fighters
Pay 15% tax to whiten black money
None will raise question if a taxpayer pays a 15 percent tax for immovable properties