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Budget 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...

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...

No more money whitening scope

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...

Tax Dodging

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...

More burden on shoulders

More burden on shoulders

Sabbir Ahmed, an executive of a private company, left office for home early to watch the budget speech on TV yesterday. He expected the next budget to leave more disposable income in hand. But, unfortunately, the finance minister proposed little incentives for middle-class families like that of his. The tax-free income threshold was left untouched...

Goal higher, route unclear

Goal higher, route unclear

  Finance Minister AMA Muhith has set a good target and strategy to reach over 7 percent growth next year and 10 percent by 2021. His ambitions are bold – to hike industry's share in national growth to 40 percent from 25 percent, to move big projects in public-private partnership, and to squeeze out...

Contain violence, grow economy

The government plans to go tough on violent politics in order to jack up the economy and achieve higher growth. The finance minister yesterday hinted taking  action against such disruptive activities and called on the political parties to shun street violence, which hurts the economy bad. The country lost Tk 11,000 crore to the political turmoil in the run up to the January 5 parliamentary elections, he said in his budget speech, adding that the BNP-led alliance enforced 45 days of...

Target: rare or unreal?

Target: rare or unreal?

The Tk 2,50,506 crore-budget proposed by Finance Minister AMA Muhith hinges on ambitious revenue target, putting a question mark on its feasibility. The revenue generation target has been set at Tk 182,954 crore, an increase of 16.77 percent from the outgoing year's revised target. “This is not beyond the realm of possibility but it has...

Delay trap

Many of the projects Finance Minister AMA Muhith mentioned in his budget speech yesterday for the country's infrastructure development were years-old and should have been completed by now. Inefficiency of the ministries concerned delayed implementation of those projects and escalated their costs. However, some projects would be completed in several years, benefiting the transportation and business. The budget proposed increasing allocation for the communications infrastructure from Tk 14,226 crore to Tk 23,136 crore but did not have any new or specific...

High tax for super rich

The super rich will face higher taxes in the next fiscal year as the government has proposed introducing two more slabs to impose higher surcharge for generating more revenue. Under the scheme, people with net wealth of more than Tk 20 crore but lower than Tk 30 crore will have to pay 20 percent surcharge on their payable tax. Those, who have net wealth of over Tk 30 crore, will face 25 percent surcharge on their payable tax, according to the...

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