The government is likely to fail to implement its national budget fully in the ongoing fiscal year owing to policymakers’ over-optimism and a lack of capacity of public agencies.
The prices of specialised wheelchair for the physically challenged may fall in the next fiscal year as the finance minister today proposed abolishing all kinds of taxes at the import stage of the item.
A 10 percent supplementary duty on the import of optical fiber cable has been proposed in the new budget for FY 22-23. Md Imdadul Hoque, President of Internet Service Providers Association of Bangladesh (ISPAB), says that the increased taxation on optical fiber import will increase the price of broadband internet in the country.
While most consumer electronic products will see an increase in their prices, a few consumer electronics are expected to have reduced prices after the proposed budget for the fiscal year 2022-2023.
The government is set to withdraw a 5 per cent advance tax on the import of gold in the fiscal year of 2022-23 to encourage the import of the precious metal through formal channels and discourage smuggling.
The allocation for the education sectors in the proposed budget for the upcoming fiscal year of 2022-23 has reduced in terms of the Gross Domestic Product (GDP).
Tech giants such as Google or Meta (Facebook) will have to submit income tax returns from next fiscal year.
Laptop prices are set to increase, after Finance Minister AHM Mustafa Kamal proposed to impose a 15 percent value added tax (VAT) on imported laptops in the proposed budget for the next fiscal year 2022-23.
In the proposed budget for the fiscal year 2022-23, the supplementary duty has been increased for motor vehicles. This may increase the prices of cars and motorcycles.
Prime Minister Sheikh Hasina yesterday said the government started a process to collect an additional $1,000 million as budgetary support to tackle future emergency situations and the economic crisis stemming from the Russia-Ukraine war.
Prime Minister Sheikh Hasina yesterday said the government started a process to collect an additional $1,000 million as budgetary support to tackle future emergencies and the economic crisis stemming from the Russia-Ukraine war.
