• Friday, December 26, 2014

Freedom in the air

Budget-2014-15

No more money whitening scope

Published Date: June 7, 2014
No more money whitening scope

Finance Minister AMA Muhith has once again said the upcoming budget would not offer any opportunity to legalise black money. "I tell you that the provision is cancelled from today," he said at a crowded post-budget press conference yesterday in the capital's Osmani Memorial Auditorium. At several pre-budget discussions over the last one month, Muhith...

Published Date: June 7, 2014
Private investment the key

Private investment the key

The economy faces an impossible task of raising private investment by Tk 75,000 crore in fiscal 2014-15 to achieve the desired 7.3 percent GDP growth, the Centre for Policy Dialogue said yesterday. To that end, private investment needs to rise to 25 percent of gross domestic product from the present 21 percent, an increase...

Published Date: June 7, 2014
Tax on large capital gains from stocks

Stock investors are set to be slapped with a 3 percent tax on capital gains upwards of Tk 10 lakh in the upcoming fiscal year, as part of the government's efforts to meet the ambitious revenue target. Furthermore, for gains above Tk 20 lakh, a 5 percent tax will be applicable, a big dent for general investors whose capital gains from the stockmarket remained tax-free to date. The move comes in a bid to collect some revenue for the national coffers...

Published Date: June 7, 2014
Cheers for local manufacturers

The budget has brought good news to local manufacturers of medicines, steel and fabrics as the government cut duties on raw materials imports. Finance Minister AMA Muhith has proposed to reduce customs duties on 40 basic raw materials—used in the manufacture of medicines—to a 5 percent concessionary rate from the existing 10-25 percent. “The move will boost growth of the pharma sector,” said Salman F Rahman, president of Bangladesh Association of Pharmaceutical Industries. The move will make substantial cuts in prices of...

Published Date: June 7, 2014
Challenges aplenty

The size of the proposed budget is not unrealistic, but it has several challenges to tackle, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said yesterday. Ensuring good governance, maintaining political stability, providing necessary power and gas are the key challenges for the government in implementing the budget, the country's apex trade body said in a statement. FBCCI urged the government to speed up the private sector's investment. “It is an urgent need to increase investment and production to...

Infrastructure Projects

Published Date: June 7, 2014
MCCI praises big allocation

A leading chamber yesterday praised the government's big allocation for infrastructure saying the implementation of some mega projects would improve the country's investment climate. The Metropolitan Chamber of Commerce and Industry (MCCI) in its budget reaction lauded the allocation of Tk 8,100 crore made for the Padma Bridge project. It also commended the allocations made for metro rail, transport and human resources development. “The MCCI strongly feels that the increased investment in physical and social infrastructure will help improve the quality...

Published Date: June 7, 2014
BNP keeps mum on budget

BNP acting secretary general Mirza Fakhrul Islam Alamgir yesterday said the government had placed the budget for the next fiscal year in a bid to stay in power without people's mandate. "I do not want to make any remark on the budget as this government is immoral and illegal and there is no representation of people in the parliament. "I just want to say how much it will appear moral if the immoral people are going to utilise the people's fund,"...

Tax Dodging

Published Date: June 7, 2014
Landlords to be fined 50pc of house rent

Landlords would have to pay half the rent in fine if they dodge taxes on the income. The National Board of Revenue (NBR) would formulate rules in this regard after the budget proposal of the finance minister has been passed. NBR Chairman Ghulam Hussain at the post-budget press conference of the finance minister at Osmani Memorial Auditorium in Dhaka yesterday revealed the plan. Despite scepticisms among analysts on its success, the NBR boss defended the move saying that it would make...

Published Date: June 7, 2014
BNP doesn't have right to criticise budget: Ashraf

BNP doesn't have right to criticise budget: Ashraf

Awami League general secretary and LGRD Minister Syed Ashraful Islam today said criticism of the proposed budget for 2014-15 fiscal does not suit BNP. "Criticism doesn’t suit those who placed budget wearing urdi (uniform). Moreover, they have no right," he said in response to the criticism made by BNP over the budget proposed by Finance Minister AMA Muhith on June 5 for the next fiscal. The AL general secretary made the remarks while talking to journalists after placing wreath at the portrait of Bangabandhu Sheikh Mujibur Rahman, marking the historic six-point day, at Bangabandhu Bhaban in the capital’s Dhanmondi 32. About the economists’ criticism of the proposed budget, Syed Ashraf said that...

Published Date: June 7, 2014
Proposed budget too dreamy: Ershad

Proposed budget too dreamy: Ershad

Terming the proposed budget for 2014-15 fiscal as “too dreamy”, Jatiya Party Chairman HM Ershad today expressed his doubt over its implementation. "The proposed budget is not highly-ambitious. Rather, it is too dreamy. There is no specific proposal and direction (in the budget) on how to implement it," Ershad said. He was giving formal reaction...

eDaily Star
eDaily Star