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.
Minimum tax unchanged
Tk 5,000 for those under Dhaka, Chattogram city corporations
Ice cream, soft drinks to get costlier
The government plans to raise supplementary duty by 5 percentage points
VAT on SIMs may go up by Tk 100
SD on SIM will be raised to 20% and VAT on eSIM will be increased to Tk 300 each
AC, refrigerator set to be costlier
Flat 7.5% VAT imposed on these appliances
Cigarettes to get costlier
The supplementary duty will be raised by 1 percentage point
What is the difference between household budget and national budget?
The budget of a country and a household depends mainly on income and expenditure, although these two budgets do differ in a few ways
Budget 2024-25 - full coverage
Here are the latest updates on proposed budget for fiscal 2024-25
Chronology of Bangladesh's National Budget: From 1972-73 to 2023-24
Finance Minister Abul Hassan Mahmood Ali will place the national budget for the fiscal year (2024-2025) at the Jatiya Sangsad this afternoon
Finance minister set to unveil Tk 7,97,000 crore budget
Finance Minister Abul Hassan Mahmood Ali is going to unveil his as well as the new government’s first budget today.
Spending on education falls short of expectations
For example, when the Dakar Declaration came in 2000, the country said it would spend 6 percent of GDP on education. The United Nations Educational, Scientific and Cultural Organisation recommends earmarking four to six percent of the GDP for the sector.