Pharmaceutical shipments from Bangladesh are slowly making a turnaround with a gradual improvement in the global US dollar crisis, according to drug exporters.
The first seven months of the current fiscal year of 2022-23 saw the lowest implementation rate of the annual development programme (ADP) in the last three years, with only 28.16 per cent of the total outlay being spent till January.
Tax collection growth slowed drastically in the first half of the current fiscal year due to falling customs tariff and direct taxes amid declining imports and reduced profits of firms, limiting the government’s scope to spend on development activities.
Bangladesh’s balance of payments (BoP) deficit would widen massively in the current fiscal year than the central bank had earlier projected owing to escalated imports, lower remittances and export receipts, and higher accumulation of debts.
Export earnings grew by 15 per cent year-on-year to $3.98 billion in July, the first month of the current fiscal year.
Bangladesh received US$ 1.64 billion inward remittance till July 21, due to Eid-ul-Azha when Bangladeshi migrants sent more money to families to celebrate one of the biggest festival of Muslims, according to data from Bangladesh Bank.
Bangladesh is targeting a lower export growth in 2022-23 despite raking in a record $52.08 billion in the last fiscal year largely because of insignificant strides in products and markets diversification and ongoing global turmoil.
In the proposed budget for the fiscal year 2022-23, Finance Minister AHM Mustafa Kamal proposed to withdraw the 5% VAT exemption facility on the trading stage of mobile phones. Instead, VAT will be imposed at different individual stages of the mobile handset businesses—from production to retail.
The government should raise the tax-free income limit in the upcoming fiscal year to give some relief to people as they have hit hard by rising inflationary pressures, said speakers at an event today.
Pharmaceutical shipments from Bangladesh are slowly making a turnaround with a gradual improvement in the global US dollar crisis, according to drug exporters.
The first seven months of the current fiscal year of 2022-23 saw the lowest implementation rate of the annual development programme (ADP) in the last three years, with only 28.16 per cent of the total outlay being spent till January.
Tax collection growth slowed drastically in the first half of the current fiscal year due to falling customs tariff and direct taxes amid declining imports and reduced profits of firms, limiting the government’s scope to spend on development activities.
Bangladesh’s balance of payments (BoP) deficit would widen massively in the current fiscal year than the central bank had earlier projected owing to escalated imports, lower remittances and export receipts, and higher accumulation of debts.
Export earnings grew by 15 per cent year-on-year to $3.98 billion in July, the first month of the current fiscal year.
Bangladesh received US$ 1.64 billion inward remittance till July 21, due to Eid-ul-Azha when Bangladeshi migrants sent more money to families to celebrate one of the biggest festival of Muslims, according to data from Bangladesh Bank.
Bangladesh is targeting a lower export growth in 2022-23 despite raking in a record $52.08 billion in the last fiscal year largely because of insignificant strides in products and markets diversification and ongoing global turmoil.
In the proposed budget for the fiscal year 2022-23, Finance Minister AHM Mustafa Kamal proposed to withdraw the 5% VAT exemption facility on the trading stage of mobile phones. Instead, VAT will be imposed at different individual stages of the mobile handset businesses—from production to retail.
The government should raise the tax-free income limit in the upcoming fiscal year to give some relief to people as they have hit hard by rising inflationary pressures, said speakers at an event today.
Simplification of tax administration and proper infrastructure development are needed to attract more foreign direct investment (FDI) to Bangladesh, according to speakers at a roundtable on FDI prospects in view of the proposed national budget for the fiscal year of 2022-2023.
