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.
How far have fiscal measures promoted industrialisation?
Experts and businesspeople also highlighted the challenges linked with the current tax and incentive system.
A wounded economy, another perilous year
It’s not the best of times. It’s not the season of light. The future will tell whether it’s the period of Dickensian despair on the economic front. But this is not the moment for business as usual, for sure.
Govt to rely more on local banks than foreign funds
The government will rely more on domestic bank borrowing than foreign financing in the next fiscal year, intensifying pressure on the economy.
It’s time to correct fiscal stance
The government has not addressed the stability issue through its fiscal policy for two years in a row although the economy is in turmoil owing to both external and internal pressures. A noted economist, however, thinks it can bring the situation under better control through the budget in the next fiscal year beginning on July 1.