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

Tax-free income ceiling up to Tk 0.3m

Tax-free threshold for individual taxpayers may go up to Tk 3,00,000, while new minimum tax rate of 5.0 per cent would be incorporated for marginal taxpayers.Also, the highest tax rate for individual taxpayers is proposed to cut to 25 per cent from 30 per cent.The finance minister, on Thursday, proposed...

Non-listed cos get 2.5pc cut in corporate tax

Finance Minister AHM Mustafa Kamal on Thursday proposed to cut the corporate tax rate of the non-publicly traded companies by 2.5 per cent for the upcoming fiscal year (FY) 2020-21.The tax rate is proposed to be set at 32.5 per cent from existing 35 per cent for the non-listed companies,...

Tax return submission to be made mandatory for all TIN holders

Submission of tax returns has been proposed to be made mandatory for all the TIN (Taxpayers' Identification Number) holders, excepting few exceptions, from the upcoming fiscal year (FY).Finance Minister AHM Mustafa Kamal proposed the measure in the budget for FY 2020-21 on Thursday."Due to lax in the existing provisions of...

Govt may cut TDS on some essential items

The government may cut tax deducted at source (TDS) on some essential commodities in a bid to mitigate the working capital crunch among the businesspeople in the context of the fallout of the coronavirus pandemic.In his budget speech on Thursday, the finance minister proposed a cut in the existing rate...

Kamal for strong bond market

The government has taken steps to develop a strong bond market in the country to provide long-term financing.The government has proposed tax at the rate of 10 per cent of the commission of bond transactions instead of existing provision of tax imposed on the whole value.Besides, the government has proposed...

BRTA services for cars, SUVs to be dearer

Services rendered by the Bangladesh Road Transport Authority (BRTA) for cars and sports utility vehicles (SUV) will be costlier next year, according to the duty rate proposed in the 2020-21 budget.The supplementary duty on such services has been raised to 15 per cent in the next budget from the existing...

Untaxed money allowed in stock market

The country's stock market is likely to get a major boost as the government, in its proposed national budget, allowed investment of the undisclosed money in the capital market.According to the budget proposals, people who would avail the facility to invest in securities such as stocks, mutual funds and bonds...

Mobile phone use to get costlier

Mobile phone use is going to be costlier while locally made mobile phone sets will likely be cheaper in fiscal year 2020-21, according to the proposed national budget placed in parliament on Thursday.The government has proposed a 5.0 per cent hike in the supplementary duty on mobile phone services --...

50pc tax on proven money laundering, tax evasion

Finance minister AHM Mustafa Kamal has proposed to impose 50 per cent tax on the proven amount of over or under-invoicing or false declaration of investment in the upcoming fiscal year (FY).In the budget speech on Thursday, he proposed the provision for curbing money laundering and tax evasion that takes...

Ahsanul Alam

Ahsanul Alam, Chairman of Union Bank Limited, seen in the opening ceremony of O R Nizam Road Branch of the bank in Chittagong through video conference on Thursday. A. B. M. Mokammel Hoque Chowdhury, Managing Director of the bank, was present among, others

Major sectoral allocations

5.4pc inflation target for FY21

The government has set a target to keep the inflation rate at a comfortable level of 5.4 per cent in the next fiscal year (FY), 2020-21.It kept the target at 5.5 per cent in the outgoing FY, 2019-20.The point-to-point inflation rate in May dropped to 5.35 per cent against that...

Budget gap to widen 5.5pc in FY'20

The budget deficit for the outgoing fiscal year (FY) 2019-20 has been projected to widen by 0.5 percentage points to 5.5 per cent of Gross Domestic Product (GDP) compared to the original estimates.Finance minister AHM Mustafa Kamal, in the just-unveiled budget, revised the gap estimate for the outgoing fiscal considering...

Tk 68.25b proposed as export incentives

In the national budget for fiscal year 2020-2021, the government has proposed an allocation of Tk 68.25 billion as export incentives to products having immense potentials.Finance Minister AHM Mustafa Kamal made the disclosure while unveiling the budgetary statement in National Parliament on Thursday.He said the government offers export incentives to...

Power, energy sector sees 4.60 pc lower budget allocation

The finance minister has proposed 4.60 per cent lower allocation for power and energy sector for the next fiscal year( FY) 2020-21.In his budget speech Mr Kamal proposed an allocation of Tk 267.58 billion for the Power Division and the Energy and Mineral Resources Division in the budget for FY2020-21,...