Budget for FY '09 approved
FE Report | Monday, 30 June 2008
The council of advisers of the interim government approved Sunday the national budget for the fiscal year (FY) 2008-09 with some changes in the fiscal measurers, including raising the limit for tax-exempt income to Tk 165,000 from the existing limit of Tk 150,000 for individual taxpayers.
Besides, the interim cabinet at a meeting also approved a proposal for enhancing the tax-free income ceiling to Tk 180,000 for female taxpayers and senior citizens of age exceeding 70 years. The finance adviser in his budget speech delivered on June 09 last proposed to fix the tax-free income ceiling for female and senior citizen taxpayers at Tk 165,000.
Chaired by the Chief Adviser Fakhruddin Ahmed, the meeting that was held at his office also approved the Appropriation (supplementary) Ordinance 2008, the Appropriation Ordinance 2008 and the Money Ordinance 2008.
The budget proposals for FY 2008-09 approved by the council will be placed today (Monday) before the President Profession Iajuddin Ahmed for his consent.
According to official sources, the new budget will now come into force through an ordinance to be promulgated under section 93 (1) of the Constitution in absence of Parliament.
Changes in other fiscal measures made in the original budget presented on June 09 were not immediately known.
On June 9, Finance and Planning Adviser Mirza Azizul Islam proposed a nearly Tk 1.0 trillion budget for the FY 2008-09 through the state-run television.
Against this backdrop, the finance ministry invited opinion from individuals and organisations on the budget.
The authorities concerned received more than 540 recommendations and suggestions from individuals and various trade bodies until June 16, the deadline for sending suggestions.
After scrutinising the proposals, the ministry has incorporated some of the recommendations into the budget, sources said.
Bdnewews24.com adds: After the meeting Chief Adviser's press secretary Sayed Fahim Munaim informed newsmen that the cabinet had approved three ordinances, including the Finance Ordinance 2008.
He said some changes were brought to the proposed budget in line with public feedback received since the announcement of the budget.
The cabinet raised monthly allowances for insolvent freedom fighters to Tk 900 from Tk 600, proposed by the finance adviser.
Allowances for wounded freedom fighters and families of martyred freedom fighters also increased by 50 percent. The allowances which had earlier been between Tk 3,000 and Tk 12,000 would be between Tk 4,000 and Tk 18,000.
According to the cabinet decision, teachers and employees of non-government schools, colleges and madrasas would get 20 percent dearness allowances, Munaim said.
Community school teachers and employees would also get 20 percent dearness allowance.
The cabinet reset the import duty on mild-steel rod raw materials at Tk 2,500 a tonne. Import duty on zinc ingot used to make corrugated tin was cut down to 7 percent from 15 percent.
Supplementary duty on satellite channel distributors was reduced to 25 percent from 35 percent.
Besides, the interim cabinet at a meeting also approved a proposal for enhancing the tax-free income ceiling to Tk 180,000 for female taxpayers and senior citizens of age exceeding 70 years. The finance adviser in his budget speech delivered on June 09 last proposed to fix the tax-free income ceiling for female and senior citizen taxpayers at Tk 165,000.
Chaired by the Chief Adviser Fakhruddin Ahmed, the meeting that was held at his office also approved the Appropriation (supplementary) Ordinance 2008, the Appropriation Ordinance 2008 and the Money Ordinance 2008.
The budget proposals for FY 2008-09 approved by the council will be placed today (Monday) before the President Profession Iajuddin Ahmed for his consent.
According to official sources, the new budget will now come into force through an ordinance to be promulgated under section 93 (1) of the Constitution in absence of Parliament.
Changes in other fiscal measures made in the original budget presented on June 09 were not immediately known.
On June 9, Finance and Planning Adviser Mirza Azizul Islam proposed a nearly Tk 1.0 trillion budget for the FY 2008-09 through the state-run television.
Against this backdrop, the finance ministry invited opinion from individuals and organisations on the budget.
The authorities concerned received more than 540 recommendations and suggestions from individuals and various trade bodies until June 16, the deadline for sending suggestions.
After scrutinising the proposals, the ministry has incorporated some of the recommendations into the budget, sources said.
Bdnewews24.com adds: After the meeting Chief Adviser's press secretary Sayed Fahim Munaim informed newsmen that the cabinet had approved three ordinances, including the Finance Ordinance 2008.
He said some changes were brought to the proposed budget in line with public feedback received since the announcement of the budget.
The cabinet raised monthly allowances for insolvent freedom fighters to Tk 900 from Tk 600, proposed by the finance adviser.
Allowances for wounded freedom fighters and families of martyred freedom fighters also increased by 50 percent. The allowances which had earlier been between Tk 3,000 and Tk 12,000 would be between Tk 4,000 and Tk 18,000.
According to the cabinet decision, teachers and employees of non-government schools, colleges and madrasas would get 20 percent dearness allowances, Munaim said.
Community school teachers and employees would also get 20 percent dearness allowance.
The cabinet reset the import duty on mild-steel rod raw materials at Tk 2,500 a tonne. Import duty on zinc ingot used to make corrugated tin was cut down to 7 percent from 15 percent.
Supplementary duty on satellite channel distributors was reduced to 25 percent from 35 percent.