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Budget

India budget to boost investment

India budget to boost investment

Indian PM Narendra Modi's government has unveiled a business-friendly budget aimed at attracting greater investment for the economy. Finance Minister Arun Jaitley announced an unprecedented corporate tax cut, in the government's first full budget. But he also proposed major benefits for the poor, introducing a universal social security scheme. India will grow at a rate of...

NBR yet to realise green tax from polluting industries

Although seven months of the current fiscal year have already passed, the National Board of Revenue (NBR) has not yet taken any effective step to realise one percent surcharge or green tax from industries and factories polluting the environment. The system of paying “green tax” was supposed to come into effect from July 1, 2014 as the government introduced the tax in the budget for the current fiscal year. As per law, companies polluting the environment have to pay one...

Costly electricity weighs on budget

The power sector has achieved remarkable success in generation and supply, but the high production cost, a major concern, is piling pressure on the national budget, according to a government review report. The power sector will be part of a discussion today as the planning ministry presents the mid-term review of the Sixth Five-Year Plan (SFYP) designed for the country's economic development. “Much of the additional private electricity supply has come from rental plants that supply electricity to the national grid...

Dhaka South City Corporation Budget

No new hope for residents

No new hope for residents

The Dhaka South City Corporation (DSCC) yesterday announced its budget for 2014-2015 fiscal without proposing any major improvement in services and infrastructural development, while allocations shrank in some key areas, particularly in waste management. In the Tk 1,565.75 crore budget, there was also a little increase in the allocation for maintenance and development of...

India unveils 'budget for growth'

India unveils 'budget for growth'

India's new government is promising to bring back higher growth, with a budget including more scope for foreign investment, spending on infrastructure and a goods and services tax (GST). The finance minister also indicated there were plans to limit expensive but popular subsidies on food and fuel. India's economy has slowed in recent years, growing...

2014-15 budget passed

2014-15 budget passed

The Jatiya Sangsad today passed the Tk 250,506 crore national budget for the 2014-15 fiscal year keeping the scope for whitening black money. The budget is the first fiscal plan of the Awami League- led grand alliance government that assumed in power through January 5 one-sided elections. The budget was proposed at the parliament by...

Not a large budget: WB

Not a large budget: WB

The budget for fiscal 2014-15 is not large if the country's vast development needs are taken into account, the World Bank said yesterday. Zahid Hussain, lead economist of the multilateral lender's Dhaka office, said Tk 250,506 crore-budget is consistent with countries that are in similar stages of development. “There are also the vast development needs,”...

Unexamined expenditure of Tk. 8,000 crore

SECTION 233 (4) of the Rules of Procedure of the Jatiya Sangsad provides the Public Accounts Committee of the House with sweeping authority over the supplementary budget. This section categorically says if any money has been spent on any service during a financial year in excess of the amount granted by the House for that purpose, the committee shall examine with reference to the facts of each case the circumstances leading to such an excess and make such recommendation...

Editorial

It's forward looking and investment-friendly

THE budget relies heavily on revenue generation. A wide variety of goods will now be taxed ranging from bottled water to a new range of taxation on mobile phones, jewellery to sales tax on real estate. Though revenue is bound to increase, so will the retail prices of all products that have been brought under the purview of tax net. The budget however has been welcomed by business leaders as 'investment friendly'. Taxes and duties waived on fire safety...

Broken window, weeping growth and Budget 2014-15

Broken window, weeping growth and Budget 2014-15

BANGLADESH Bureau of Statistics (BBS), the 'sole authority' of calculating and reporting national income accounts, recently came up with provisional GDP growth of 6.12% amid much pessimistic projections by external players including the World Bank. The explanation that BBS provided for service sector growth was that services GDP grew partly because of higher...

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