Md Asaduz Zaman
Reporter at The Daily Star, covering economics, planning and agriculture sectors in Bangladesh.
Reporter at The Daily Star, covering economics, planning and agriculture sectors in Bangladesh.
Investors in the economic zones and hi-tech parks in Bangladesh may see an end to the zero-duty benefit on imports of capital machinery, components and construction materials next fiscal year.
Mobile phone calls and metro rail commutes among other daily activities may cost more in the next fiscal year as the government looks to increase taxes to boost its revenue collections.
The National Board of Revenue seeks to impose 25 percent import duty on cars for lawmakers, reversing a practice of tax exemptions that amounted to Tk 5,147 crore over the last 15 years.
However, the findings raised questions among economists, who were puzzled by the growth at a time when the economy had been facing a slowdown due to high inflation, a downtrend in export growth, and falling imports.
Of the over 7 crore people employed in Bangladesh, 85 percent (nearly 6 crore) are vulnerable as they work in the informal sector, which lacks basic social and legal protection, and employment benefits.
It recommended the National Board of Revenue (NBR) discontinue the tax holiday for the information and communication technology industry and abolish the tax benefit for mining and petroleum extracting companies.
Development spending rose 42.30 percent in the first nine months of the current fiscal year (FY) thanks to a higher execution rate in March following the national election.
Bolstered by rising value-added tax (VAT) collection and increased income tax receipts, the tax administrator logged Tk 259,866 crore in total revenue in the July-March period of the current fiscal year, according to the NBR’s provisional estimates.
Investors in the economic zones and hi-tech parks in Bangladesh may see an end to the zero-duty benefit on imports of capital machinery, components and construction materials next fiscal year.
Mobile phone calls and metro rail commutes among other daily activities may cost more in the next fiscal year as the government looks to increase taxes to boost its revenue collections.
The National Board of Revenue seeks to impose 25 percent import duty on cars for lawmakers, reversing a practice of tax exemptions that amounted to Tk 5,147 crore over the last 15 years.
However, the findings raised questions among economists, who were puzzled by the growth at a time when the economy had been facing a slowdown due to high inflation, a downtrend in export growth, and falling imports.
Of the over 7 crore people employed in Bangladesh, 85 percent (nearly 6 crore) are vulnerable as they work in the informal sector, which lacks basic social and legal protection, and employment benefits.
It recommended the National Board of Revenue (NBR) discontinue the tax holiday for the information and communication technology industry and abolish the tax benefit for mining and petroleum extracting companies.
Development spending rose 42.30 percent in the first nine months of the current fiscal year (FY) thanks to a higher execution rate in March following the national election.
Bolstered by rising value-added tax (VAT) collection and increased income tax receipts, the tax administrator logged Tk 259,866 crore in total revenue in the July-March period of the current fiscal year, according to the NBR’s provisional estimates.
The National Board of Revenue will likely propose reducing the tax on corporate profits by 2.5 percentage points for both listed and non-listed companies.
Moreover, further setbacks are posed by Malaysia's decision to freeze new foreign worker recruitment in March as well as Oman suspending the issuance of visas to Bangladeshi citizens at the end of 2023 due to an oversupply of workers from the South Asian nation.