Finance News: Latest Financial News, Finance News today in Bangladesh

Allocation for farm sector drops

The allocation for the agriculture sector in the proposed budget for fiscal year (FY) 2018-19 has declined further.As per the proposed budget, the allocation for the farm sector has dropped to 2.99 per cent from 3.40 per cent in FY 2017-18, a decrease of 0.41 per cent.The allocation was 6.39...

Health sector gets Tk 233b in budgetary allocation

The proposed health budget has increased in terms of value but declined in terms of its percentage.The national budget for fiscal year (FY) 2018-19 proposed on Thursday an allocation of Tk 233.83 billion for the health sector.The amount is up by Tk 27.32 billion from that of the last fiscal.It...

Govt to build planned cities around economic zones

The government will build planned cities with modern housing facilities around the economic zones, now under construction, to foster economic activities.During the presentation of budget for fiscal year (FY) 2018-19 on Thursday, Finance Minister AMA Muhith shared the government plan to create investment-friendly climate for the private sector.Describing the current...

Seven large projects to get Tk 290 billion allocation

The government has allocated some Tk 290 billion funds for the seven ongoing "fast-track" projects in the proposed national budget for the fiscal year (FY) 2018-19.But three other mega projects have not got allocations from the national budget because those are being implemented through the Public-Private Partnership (PPP).Rampal power plant...

Govt eyes 20pc cut in fuel uses by 2030

The government has set a target to cut fuel use by 15 per cent and 20 per cent by 2021 and 2030 respectively through boosting efficiency.The finance minister, in his budget proposals on Thursday, said prepaid meters in residential units and electronic volume corrector (EVC) in industrial units are being...

Collateral database by next yr to prevent document forgery

The government wants to make a collateral database functional by the next year to prevent document forgery in receiving bank loans.In many cases, same land and property are used as collateral for getting bank loans, Finance Minister AMA Muhith said in his budget speech on Thursday.For preventing these fraudulent practices,...

Muhith focuses on PPP concept

Finance Minister AMA Muhith has stressed the need for adopting public-private partnership (PPP) arrangement to rejuvenate the ailing public-sector jute mills.In the proposed budget for fiscal year 2018-19 he said, "Nowadays jute and jute products are being highly preferred for its quality of being environment-friendly." The finance minister said they...

Ridesharing services come under tax, VAT net

Earnings from the ridesharing businesses may come under the purview of income tax in the next fiscal year (FY).Owners of vehicles used in the ridesharing businesses have to pay tax at source at a rate of 3.0 per cent on their income up to Tk 2.5 million, according to the...

Surcharge on two pvt cars, 8000sq ft of house space

People owning two private cars or a house in a city corporation area might be required to pay wealth surcharge from the next fiscal year (FY).Additional wealth tax may apply to those owning two four-wheel motor cars or a house with an aggregate size of 8,000 square feet or above.The...

Tax-free income ceiling unchanged at Tk 250,000

The tax-free ceiling for individual taxpayers remained unchanged at Tk 250,000 in the proposed budget for the fiscal year (FY) 2018-19.However, the tax-free threshold for individual taxpayers having physically challenged children would be Tk 300,000 from the existing Tk 275,000.Such parents will get Tk 50,000 exemption of tax for each...

Electronic fiscal devices to replace ECR, POS

The finance minister has proposed mandatory use of new electronic fiscal devices (EFD) in business units to check revenue leakage.AMA Muhith announced this while placing the budget for the next fiscal year (FY) in parliament on Thursday. The new electronic fiscal devices will replace the electronic cash register (ECR) and...

Poultry feed ingredients see cut in import duty

The government has proposed reducing the import duty on soya cake and maize in the budget for fiscal year (FY) 2018-19 to boost the poultry industry.Finance Minister AMA Muhith in his budget speech on Thursday proposed a 5.0 per cent regulatory duty (RD) on soya cake instead of the existing...

Local motorbikes, cellphones set to be cheaper

The prices of locally-assembled motorcycles and cellphones might be cheaper in the next fiscal year (FY).Finance Minister AMA Muhith on Thursday proposed a cut in import duty on 44 raw materials required for the assembling products.The duty on mould release preparation, adhesive, electric discharging machine fluid and phenolic resin has...