• Thursday, August 21, 2014

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Budget 2014-15

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...

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...

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...

Budget 2014-15

Budget simplified-2

Budget simplified-2

In the second part of the three-part series, Zahid Hussain, the World Bank Bangladesh's lead economist, takes a look at the scope, size and issues with the national Budget 2014-15 of Bangladesh.

Editorial

An oversized budget

THESE are our preliminary reactions to the new budget, reserving more detailed analysis and comments for future. It stands at slightly over Tk2,500 crore and represents an estimated 16 percent rise above last year's budget. The finance minister is confident that it will provide both dynamism and the mechanisms necessary to foster investment and help reduce poor-rich divide. Sceptics are not so sure. And though the government has prioritised growth, poverty-reduction and investment, concerns remain as to how investments...

Implementation will be put to test:

AN immediate reaction to the budget for FY2015 is, “let this budget be different in terms of implementation and achievement”. The proposed budget for the next fiscal year which is about 16 percent larger than that of the revised budget of FY2014 brings in a lot of promises both in terms of expenditure and revenue. The fiscal framework has been designed in a way that the budget deficit will be the usual 5 percent of total budget.  Total expenditure...

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