Provision for investment in bonds proposed
Friday, 11 June 2010
FE Report
Finance Minister AMA Muhith Thursday proposed provision for investment in bonds to be issued under Bangladesh Infrastructure Finance Fund (BIFF) with 10 per cent tax until June 2012.
The minister made the proposal with an aim to develop country's physical infrastructure.
"Bonds under this fund will remain open for investment by individuals and organisations," the finance minister said while presenting the national budget for 2010-11 in JS.
However, the finance minister in his budget speech did not mention whether the invested money will be undisclosed or not.
"We can introduce special tax rate to woo investment from the private sector in certain cases," the minister added.
The government has already created a fund titled, Bangladesh Infrastructure Finance Fund (BIFF) for financing physical infrastructures, he said.
"I propose to offer an opportunity to invest in the bonds issued under the fund up to June 2012 subject to the payment of taxes at 10 percent," he added.
The finance minister also proposed to keep the individual and corporate tax rate unchanged. Lower slab of individual tax will remain the same at Tk 165,000 and the highest rate of corporate tax at 42.5 per cent.
"As many changes were made last year, we consider that there should be a scope to assess the impact of those changes," the finance minister said.
The finance minister unveiled a plan to bring at least 0.5 million new taxpayers into the tax net.
"Our mission for expanding the tax net is based on the principle of creating a congenial atmosphere for compliant taxpayers and ensuring highest vigilance to bring non-compliant taxpayers under legal jurisdiction," he proposed.
To implement this, the minister has proposed to introduce spot assessment system and a simple two-page tax form for small new taxpayers, expand survey activities through outsourcing, mandatory TIN (taxpayers' identification number) for gas and electricity connection in commercial purpose and registration or fitness renewal of bus, truck, etc plying on hire basis.
The finance minister has proposed to introduce stringent measures such as imposition of penalty in case of using fake TIN.
He also proposed to establish e-linkage with data base of National ID project with a view to verifying information given and modernising TIN management.
Finance Minister AMA Muhith Thursday proposed provision for investment in bonds to be issued under Bangladesh Infrastructure Finance Fund (BIFF) with 10 per cent tax until June 2012.
The minister made the proposal with an aim to develop country's physical infrastructure.
"Bonds under this fund will remain open for investment by individuals and organisations," the finance minister said while presenting the national budget for 2010-11 in JS.
However, the finance minister in his budget speech did not mention whether the invested money will be undisclosed or not.
"We can introduce special tax rate to woo investment from the private sector in certain cases," the minister added.
The government has already created a fund titled, Bangladesh Infrastructure Finance Fund (BIFF) for financing physical infrastructures, he said.
"I propose to offer an opportunity to invest in the bonds issued under the fund up to June 2012 subject to the payment of taxes at 10 percent," he added.
The finance minister also proposed to keep the individual and corporate tax rate unchanged. Lower slab of individual tax will remain the same at Tk 165,000 and the highest rate of corporate tax at 42.5 per cent.
"As many changes were made last year, we consider that there should be a scope to assess the impact of those changes," the finance minister said.
The finance minister unveiled a plan to bring at least 0.5 million new taxpayers into the tax net.
"Our mission for expanding the tax net is based on the principle of creating a congenial atmosphere for compliant taxpayers and ensuring highest vigilance to bring non-compliant taxpayers under legal jurisdiction," he proposed.
To implement this, the minister has proposed to introduce spot assessment system and a simple two-page tax form for small new taxpayers, expand survey activities through outsourcing, mandatory TIN (taxpayers' identification number) for gas and electricity connection in commercial purpose and registration or fitness renewal of bus, truck, etc plying on hire basis.
The finance minister has proposed to introduce stringent measures such as imposition of penalty in case of using fake TIN.
He also proposed to establish e-linkage with data base of National ID project with a view to verifying information given and modernising TIN management.