Sohel Parvez

Owners of more than one car are likely to face an environmental protection surcharge from the upcoming fiscal year as the government plans to discourage the use of vehicles in a bid to contain carbon emissions and air pollution.

The number of people who filed tax returns in fiscal year 2022-23 has crossed 30 lakh for the first time. 

The fiscal policy for the ongoing fiscal year has shied away from prioritising macroeconomic stability although several key indicators have come under serious stress owing to internal and external factors, said a noted economist.  

Fiscal policy goals set for the current fiscal year have remained elusive as private investment has stagnated, the economic growth has fallen, and inflation has shot up, said a noted economist.

Bangladesh’s public expenditure is not growing in keeping pace with the steadily expanding economy as it struggles to raise adequate revenues, thus failing to ensure full implementation of development programmes and provide expected services to its citizens.  

Holders of black money in Bangladesh are unlikely to get the opportunity to legalise their undeclared wealth without facing any questions about the sources of their income in the next fiscal year, officials said. 

The government may increase the threshold of surcharge-free net wealth from the coming fiscal year 2023-24 beginning from July – a plan that is likely to reduce the pressure of tax on the upper middle-income people. 

The tax collection growth fell further in April, making it tougher for the National Board of Revenue (NBR) to attain its goal of raising Tk 370,000 crore in the current fiscal year. 

Domestic air travel had rebounded last year and the number of passengers reached close to that of 2019 as business and economic activities were revived following the pandemic-induced economic slowdown.  

The heat wave sweeping over large parts of the country is hampering growth and flowering of vegetables, reducing supplies and leading to consumers being forced to dole out more in their purchases.  

Exports and remittances, two major sources of foreign currencies for Bangladesh, plunged in April, a bad omen for the economy as it deals with multiple challenges, including a dollar crisis, an elevated level of import costs and falling reserves. 

Riding on the reputation it has earned over the decades, Pubali Bank Ltd, one of the oldest banks in Bangladesh, is investing to build a robust digital infrastructure with a view to providing all financial services at the fingertips of customers and their doorsteps. 

Bangladesh’s exports to Asian markets are growing steadily thanks to increasing demand from several major markets but the country needs to sign trade pacts and diversify products in a continent where the consumer class is fast expanding.     

IFIC Bank Ltd, one of the oldest banks in Bangladesh, is expanding its physical presence fast across the country in its bid to bring one in every four families under its network, said its top executive.

Bangladesh’s import of capital machinery has continued its falling trend as banks have remained cautious in financing purchases amid the dollar crisis while entrepreneurs showed reluctance to expand owing to slowing domestic and export sales. 

International air traffic to and from Bangladesh hit the highest at least in four years in 2022, riding on pent-up demand for travel by migrant workers, non-resident Bangladeshis and the upper-middle-class segment.

An increasing number of female bankers are gradually securing top positions at banks thanks to their skills, competence and dedication, according to a Bangladesh Bank report released yesterday. 

For the first time in his 30 years of farming, Samaresh Mondal is growing dry-season rice, locally named Boro, along with 50 of his peers in a synchronised manner in their locality of Satibunia under Botiaghata upazila of Khulna.

Wheat imports by the private sector have continued to remain low in Bangladesh than the last fiscal year as businesses are facing persisting difficulties in opening letters of credits owing to the dollar shortage at banks. 

Shrimp exports are gradually recovering from a downturn earlier this year mainly due to increased demand and prices for freshwater prawn and partly for brackish water shrimp locally known as black tiger, two exporters said.