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

Total subsidy proposed to be Tk 2.89t in FY24

The total government subsidy for the next fiscal year (FY) is proposed to be of TK 2.89 trillion, including direct tax expenditures of TK1.78 trillion mainly on account of exemptions and rebates.The microfinance sector would receive the highest amount at 12 per cent or Tk 153.15 billion of the direct...

Tariff overhaul, cash aid cut planned to facilitate LDC graduation

The government intends to overhaul tariff structures and progressively diminish cash assistance, with the objective of facilitating Bangladesh's graduation from the least developed country (LDC) club in 2026. Besides, it aims to explore alternative measures to cash assistance, with a focus on fostering the expansion of the nation's export sector.In...

Tk 200 travel tax for domestic air users

The proposed budget for the fiscal year 2023-24 has introduced travel tax for the domestic air passengers, along with suggesting increasing tax for international air, water and land passengers. According to the Finance Bill, Tk 200 travel tax has been introduced for the domestic air passengers with effect from July...

A complete digital bank to be opened by FY24: Kamal

The government has planned to launch the country's first ever full-fledged digital bank within the next fiscal year (FY'24), finance minister AHM Mustafa Kamal said in his budget speech in parliament on Thursday.He said a Bangladesh Bank committee was working on devising strategies to broaden and accelerate financial inclusion effort....

More income tax measures may be proposed June 4

Some major income tax measures for the upcoming Fiscal Year (FY) may be proposed in Parliament on June 4 while placing a new draft law of income tax.The Finance Bill-2023, placed with the National Budget for FY 2023-24 on Thursday, has skipped the inclusion of a number of measures on...

Govt targets purchasing 3.16m tonnes of grains in FY24

After sourcing a record 3.33 million tonnes of foodgrain for public food warehouses in the outgoing financial year, the government has targeted to buy 3.16 million tonnes of the staples in the next budget for FY'24.Allocation for food procurement both from the external and internal sources have been fixed at...

Tk 1.26t proposed for social safety net

An allocation of Tk 1.26 trillion (Tk 126,272 crore) has been proposed for the social safety net programmes in the budget for FY 2023-24 placed on Thursday. The proposed amount is 16.58 per cent of the total budget allocation and 2.52 per cent of GDP.However, amid a surge in prices...

Major sectoral allocations in Budget -

Budget to maintain status quo in stock market

The budget seems to have completely overlooked the proposals given by stakeholders to boost the ailing stock market. Every year ahead of the budget proposal, some expectations are created regarding incentives for investors and listed companies, said Faruq Ahmad Siddiqi, ex-chairman of the Bangladesh Securities and Exchange Commission. "I think...

Plan to phase out minimum capacity charge of quick rental power

The government intends to gradually eliminate the payment of minimum capacity charges for rental power plants or rent-operated power plants by removing the relevant clause during contract renewal, according to Finance Minister AHM Mustafa Kamal. During his budget speech on Thursday, the minister said that this measure is to reduce...

40pc levy proposed on dates!

Finance Minister AHM Mustafa Kamal has proposed higher duties and value-added tax (VAT) on the imports of dates, cashew nuts and non-fortified basmati rice.To safeguard the interests of local cashew nut gardeners, the finance minister in the national budget for FY24 proposed increasing the import duty on shelled cashews from...

Scheme set to be scrapped in FY24

The government is set to scrap the offshore money-whitening scheme for the upcoming fiscal year (FY) due to getting zero response to the offer.In the budget proposal for FY 2023-24, there is no mention of extension of the facility scheduled to expire on June 30, 2023.Under the scheme, the government...

Govt to make rules for TRPs

The government has proposed to formulate rules for the tax return preparers (TRPs) with a view to expanding the tax net by including new individual taxpayers.Following the models of various developed countries, the new concept has been proposed in the budget for the upcoming fiscal year (FY). Compared to other...

Budget to have no impact on stocks

The FY24 budget unveiled on Thursday will have no impact on the stock market.Every year some hypes or speculations are created ahead of the national budget to influence the price movement of securities on the bourses. "It is expected that something new will come up to boost the market."I think...

"Our expectations not met"

The capital market will remain as bearish in FY24 as it is now for the proposed budget offers no new incentive for the market. "We expected new incentives."New tax incentives could make the market vibrant. Many securities have already moved up from the floor prices and the remaining securities will...