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

Agri allocation slightly higher, yet falls short of requirement

Spending on agriculture as a percentage of total budget for the FY 2024-25 is proposed to increase marginally as compared to the budget proposed for the last FY.Finance Minister Finance Minister Abul Hassan Mahmood Ali on Thursday proposed an allocation of Tk 47,332 crore (473 billion) for the agricultural sector,...

Tax exemption for 'Smart Bangladesh'

The government will materialise the dream of 'Smart Bangladesh' by using artificial intelligence technologies for the benefits of the country and the people.Finance Minister Abul Hassan Mahmood Ali disclosed the plan during his proposed budget speech for the fiscal year 2024-2025."Smart Bangladesh will be realised using artificial intelligence type cutting-edge...

Development cost of EZ, Hi-Tech parks to increase

The Development cost of Economic Zones (EZ) and Hi-Tech parks is likely to increase as import duty on some construction materials has been proposed in the budget for the next fiscal year.In the budget speech, Finance Minister Abul Hassan Mahmood Ali proposed to impose 1.0 per cent customs duty (CD)...

Budget raises social spending as economists call for more

The proposed budget for FY 2024-25 allocates Tk 1360.26 billion to social safety net programmes, up from Tk 1262.72 billion in FY24. However, economists say this increase is not enough to provide relief to the poor given the high inflation dragging on for more than two years."This is not adequate...

First-time Tk 2b for green energy, ocean exploration

The government is set to allocate a total of Tk 2 billion for the development of renewable energy and to explore the potential of marine resources for the first time."Considering the importance of renewable energy in building a developed, prosperous, smart and sustainable Bangladesh by 2041, I am proposing a...

Treatment in specialised hospitals to be costlier

Treatment in the country, certainly in specialised hospitals, is expected to be costlier as a higher custom duty has been proposed on the import of medical equipment and supplies by referral hospitals.Finance Minister Abul Hassan Mahmood Ali said in his proposed budget on Thursday that referral hospitals have been enjoying...

Tk 74b proposed for Liberation War Affairs Ministry

The government has allocated Tk 74.74 billion for the Liberation War Affairs Ministry in the proposed budget for the fiscal year (FY) 2024-25, reports BSS.The allocation is Tk 2.46 billion higher than the revised budget of Tk 72.43 billion of the previous FY 2023-24.In his speech, Finance Minister AH Mahmood...

Taxes, investment of undisclosed money elicit mixed responses

Market operators and experts have given mixed reactions to measures announced for the secondary market in the proposed budget for FY25.Finance Minister Abul Hassan Mahmood Ali finally went ahead with the capital gain tax, allowed undisclosed money into stocks, apartments, lands, etc. with a one-off payment of 15 per cent...

Corporate tax rates

Capital gain tax will go up to 30pc

Individual investors are going to be subject to scrutiny of their beneficiary owner's (BO) accounts by the revenue authority for the first time ever for capital gain tax for FY25. According to the proposed budget unveiled by the finance minister in parliament on Thursday, a person will have to pay...

Current budget cut by Tk 473.67b amid financial crunch

As fund shortage and slower development-works execution stood in the way, the government proposed to cut the national budget for the outgoing fiscal year by Tk 473.67 billion to Tk 7.14 trillion.The reduction would "ultimately give a breath of relief to the government as its borrowing pressure from domestic and...

Debt servicing to eat up 14.5pc of FY'25 budget

The interest payment on the government's domestic and foreign borrowing is estimated to be 7.79 per cent higher in the next fiscal year (FY 2024-25) than the revised amount of the last FY.The government's expenditures on account of interest payments for servicing its increased borrowing both from sources see a...

'Prospective tax' system on cards

Bangladesh is going to frame 'prospective tax' annually to facilitate investors predict the rate for next year with an eye to making a proper business plan with its operation cost.In the Finance Bill-2024, finance minister Abul Hassan Mahmood Ali proposed the measure that has long been demanded by both local...

Foreign investors thumb up corporate tax cuts

The Foreign Investors' Chamber of Commerce and Industry (FICCI) praised the proposed FY 2024-25 budget as a comprehensive plan addressing economic challenges and fostering business growth.In budget reaction on Thursday, FICCI particularly commended the proposed reduction in corporate tax rates for non-listed companies from 27.5 per cent to 25 per...