CHATTOGRAM, June 07: President of the Institute of Cost and Management Accounts of Bangladesh (ICMAB) Professor Dr Md Salim Uddin said that the proposed budget for the fiscal year (FY) 2024-25 would play a role in reducing inflation and cost of living.
The budget of Tk7,97,000 crore has been announced with the expectation of achieving 6.75 per cent GDP growth aimed at maintaining economic stability and reducing inflation to 6.5 per cent, said Md Salim Uddin, professor of the Department of Accountancy, the University of Chittagong, and chairman of Bangladesh House Building Finance Corporation and Union Bank.
He observed that the allocation for the social infrastructure sector has been increased in total amount and percentage which is positive.
"Allocation for physical infrastructure has been reduced marginally. On the other hand, allocation for general services has been increased significantly," he added.
He also said, "In terms of taxation, the maximum tax rate has been increased from 25 per cent to 30 per cent keeping the tax-free life limit of the taxpayer unchanged. In the FY 2023-24, the maximum tax rate of Tk16,50,000 was 20 per cent at different stages, which is currently Tk18,50,000."
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