Md Asaduz Zaman

The government’s revenue collection in the first two months of the current fiscal year has been 11 percent lower year-on-year, which the tax administration attributed to the recent political unrest and the interim government’s emphasis on doing away with inflated figures.

Duty exemptions provided by the National Board of Revenue (NBR) have been increasing over the years despite Bangladesh’s low tax-to-GDP ratio and the International Monetary Fund’s (IMF) recommendation to rationalise such expenses.

Inflation eased in August but remained at over 10 percent, as higher prices of goods and services continued to strain the purchasing power of consumers.

The scope for legalising undisclosed income without facing any questions remains as the tax administration has not scrapped the provision of whitening black money in case of the purchase of flats and land, raising criticism.

Fresh vegetable and fruit exporters are apprehending a drop in sales of perishables following a hike in cargo freights, particularly by Biman Bangladesh Airlines, last month..Biman, the state carrier, hiked cargo fares in August anywhere from 56 percent to 150 percent depending on the rout

Industrial output in Bangladesh grew at its slowest pace since the Covid-19 pandemic, hitting 6.66 percent last fiscal year owing to declining exports, import restrictions and a slowdown in domestic demand due to persistent inflation.

Persistent inflationary pressure, particularly in terms of food inflation, has been taking a toll on low- and fixed-income people in Bangladesh, forcing them to spend most of their income on nutrition.

Fatima Khatun, dressed in a washed-out kameez, came to Muslim Bazar in Mirpur 12 to shop with her four-year-old son on August 16.

Vandalism and arson attacks on factories since earlier this month have created deep concerns among entrepreneurs and plunged thousands of employees who work in these firms into uncertainty.

Although the authorities took steps to eliminate mismatches in export data in recent months, discrepancies in the data of revenue collection and expenditure among government agencies continue to persist.

Three months ago, the policy rate was hiked for the last time by 50 basis points to 8.5%

Wage growth in Bangladesh fell slightly last month after climbing for 30 months since January 2022, according to official data.

Bangladesh’s worsening economic crisis has spun off a price shock with food inflation crossing 14 percent in July for the first time in 13 years.

Private investment as a percentage of Bangladesh’s gross domestic product (GDP) has been declining for the past three years due to low investor confidence amid global crises, a persisting US dollar crisis and high inflation.

Bangladesh ranks among the lowest in South Asia regarding the availability of fruits and vegetables, resulting in poor nutrition outcomes for its 170 million people..Avinash Kishore, a senior research fellow at the International Food Policy Research Institute (IFPRI), shared the findings a

Bangladeshis consume only 155 grammes of fruits and vegetables per day, far below the global recommendation of 400 grams, according to data from the Food and Agriculture Organization.

Accommodation costs in Bangladesh have risen further amid persistently high inflation during the April-June period this year, placing an additional burden on many of the country’s middle and lower-income people.

The recent unrest stemming from a student movement seeking reforms to the quota policy for government jobs boiled over into violence after the initially peaceful protest was allegedly attacked by an opposing party.

Bangladesh recently reached a milestone registering one crore Taxpayer Identification Numbers (TINs), yet nearly 59 percent of these individuals did not file tax returns in the just-concluded fiscal year of 2023-24.

The government has been overestimating its annual revenue collection targets and associated future expenditures over the past 11 years, according to a finance ministry document.