NBR abandons plans to cut tax for AC, fridge and bike makers
The tax administration backtracked from its decision to levy a 5 percent tax on incomes generated by manufacturers of motorcycles, air conditioners and refrigerators until 2032, raising it to the previous rate of 10 percent.
1 July 2024, 18:00 PM
VAT exemptions dropped 17% in 2022
The National Board of Revenue (NBR) exempted various goods and services from value-added tax (VAT) payments to the tune of Tk 129,570 crore in 2022 to give some relief to citizens and facilitate industrialisation, thereby accelerating economic growth.
30 June 2024, 18:00 PM
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.
29 June 2024, 16:11 PM
No ray of hope for migrant workers in budget
The government has neglected to outline adequate initiatives in the proposed budget for the next fiscal year to support migrant workers, meaning the country may miss out on opportunities to raise remittance earnings on the back of a higher number of Bangladeshis going abroad.
27 June 2024, 18:00 PM
NBR receipts up 15% in 11 months
The National Board of Revenue (NBR) logged a year-on-year tax collection growth of nearly 15 percent in the first 11 months of the current fiscal year.
27 June 2024, 18:00 PM
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.
26 June 2024, 18:00 PM
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.
25 June 2024, 18:00 PM
What’s missing for young people in the budget?
Bangladesh’s high youth unemployment rate necessitates specific remedial steps, including ways for employment generation and adoption of prerequisite education and training, which the proposed national budget for fiscal year 2024-25 did not include, according to analysts.
24 June 2024, 18:00 PM
NBR sets new rules for firms seeking customs privilege
The National Board of Revenue (NBR) has revised rules, including raising the capital requirements, for businesses to be listed as authorised economic operators (AEO), a status an increasing number of firms are expressing interest in.
22 June 2024, 18:00 PM
Return filing a must for hotels, restaurants and clinics
Nearly five lakh additional establishments are expected to come under the tax net as the government is going to make proof of submission of return (PSR) mandatory for hotels, restaurants, clinics, and diagnostic centres.
13 June 2024, 00:45 AM
Gifts not sweet anymore as NBR mulls taxes
If someone receives a gift, they will have to show it in their income tax return at the end of the year. At the same time, the person who gives the present will also have to inform it in their income tax return.
12 June 2024, 03:09 AM
Blow for private economic zones, hi-tech parks as tax benefits go
Currently, investors in the EZs and hi-tech parks qualify for a tax break for a decade starting from the first year of their operations. They are entitled to a full tax waiver in the first three years.
11 June 2024, 00:16 AM
Tax exemption in FY25 rises to Tk 163,000cr
Tax exemptions provided by the National Board of Revenue (NBR) are estimated to rise to Tk 163,000 crore in fiscal 2024-25 as the tax administration looks to ease the pressure on individuals and facilitate higher economic growth.
7 June 2024, 18:00 PM
Whitening Black Money: ‘Unethical, unjust and unacceptable’
Backtracking on its promise to eliminate black money, the government has once again made room to allow both individuals and companies to whiten money without facing scrutiny and by paying a 15 percent tax, a move that drew sharp criticism from economists and civil society.
6 June 2024, 18:00 PM
How far have fiscal measures promoted industrialisation?
Experts and businesspeople also highlighted the challenges linked with the current tax and incentive system.
6 June 2024, 00:42 AM
Duty benefit for washing machines, refrigerators likely to stay
For air conditioner and refrigerator manufacturing industries, the government plans to extend the existing facility to June 2026, according to the finance ministry.
5 June 2024, 00:40 AM
Inflation hits seven-month high
Inflation, fuelled by higher food prices, climbed 15 basis points to 9.89 percent in May from 9.74 percent a month earlier, figures from Bangladesh Bureau of Statistics showed yesterday.
3 June 2024, 18:00 PM
Social spending gets less priority in lopsided budgets
In FY22, the spending on public services increased to 15 percent of the total actual expenditure, nearly double the rate in FY09. Similarly, spending on the transport and communication sector surged to 12 percent from 4.7 percent in FY09.
2 June 2024, 00:03 AM
ADP implementation slows to three-year low
Government spending under the Annual Development Programme (ADP) slowed to a three-year low in the first 10 months of the current fiscal year (FY) of 2023-24, with the implementation rate dropping to 49.26 percent.
28 May 2024, 03:00 AM
Tax receipts grow at healthy clip, still NBR likely to miss target
Although a large chunk of revenue is deposited in the state coffer towards the end of a fiscal year, there might be a big gap between the revised target and the actual collection.
27 May 2024, 04:26 AM