Muhith hints at raising value of stamps

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FE Report
Finance Minister AMA Muhith has hinted at raising value of stamp, especially used for court purpose.
"The rate of stamp remained unchanged over the last 50 to 60 years while the other fees, especially the lawyers' charges have increased by at least 100 times," Mr Muhith told newsmen Tuesday after a pre-budget meeting with secretaries of ministries outside the Medium Term Budgetary Framework (MTBF) at the secretariat.
Given the reality, the govern ment has to consider raising the price of stamp, he added.
The finance minister, however, asked the law ministry to submit a concrete proposal on enhancement of the stamp rate to the government after consulting all the stakeholders, a meeting source informed the FE.
The law ministry made the proposal on rate enhancement at the meeting for boosting the government's non-tax revenue, said the source.
Talking to reporters, the finance minister said the government will have to go for 'belt-tightening' measures in the next budget against the backdrop of big increase in demand for resources.
"Requirement of fund will be much bigger in the next budget … And the government will need to pursue austerity measures to face the challenge," Mr Muhith said.
He, however, said the government has to take its election fledges into consideration while preparing the budget for the fiscal year (FY) 2009-10.
The minister observed that as nearly 2.0 million Bangladeshis were now working in Saudi Arabia, raising the number of manpower would be necessary in the mission there to take care of them (labourers ).
He also informed newsmen that 12 more ministries and divisions will be brought under the MTBF in the FY 2010-11.
Responding to a query, he said the ministries and division concerned have to be more cautious about expenditure considering the available resources.
After a pre-budget meeting on Monday, the finance minister said the number of ministries/division under the MTBF will reach 20 in FY 2009-10 with four new ones joining the system.
When his attention was drawn as to whether latest change in the NBR (National Board of Revenue) chairman Mohammad Abdul Mazid would create any problem to the budget preparation process, Mr. Muhith said, "As the change has been taken place nearly one and a half months before the announcement of the budget, it will cause some problems."
But, he said, since the size of NBR has now expanded, it will be able to tackle the situation.