BoI-PC merger soon to gear up investment

The government in the new budget has presented a blueprint for augmenting overall investment by raising it to 24.0 per cent of GDP from the private sector and 7.8 per cent from public purse in the medium-term (2016-18). To make...

Govt to rely more on coal as main fuel source: Muhith

The finance minister on Thursday termed coal as the main source of fuel, and outlined a government plan to generate 10,051 megawatts (MW) of electricity through building a number of 'unsolicited' coal-fired power plants without elaborating about coal sourcing. "Considering...

Padma Bridge gets highest Tk 74b fund

The Padma Multipurpose Bridge (PMB) project gets the highest allocation, amounting to Tk 74 billion, in the proposed budget for the fiscal year (FY) 2015-16, like the previous two FYs. However, the authority concerned has failed to spend the major...

Tax at source on all export proceeds hiked

The government proposed to enhance the tax at source on export proceeds of all sectors to 1.0 per cent to strong opposition from exporters and businesses. Currently, 0.30 per cent source tax is applicable for readymade garments and 0.60 per...

6.2 pc inflation in next fiscal year forecast

The government has forecast inflation rate at a comfortable level of 6.2 per cent in the next financial year (FY) 2015-16 as it sees a declining trend in oil prices in global market and buoyant domestic food production. "Inflation is...

Lower GDP target of 7.0pc set for next fiscal

The government has set a lower Gross Domestic Product (GDP) growth target in the next fiscal, backtracking from its earlier stand of forecasting ambitious economic expansion over the last few years. It has set a target of 7.0 per cent...

Companies employing foreigners illegally to lose tax holiday

Imposing additional taxes along with legal measures for the companies employing unauthorised foreign nationals the government will also bring the foreign nationals under tax net soon, the finance minister said Thursday in his budget speech. He proposed imposition of a...

1.0pc duty on all capital machinery import likely

Import duty on all types of capital machinery is likely to be fixed at 1.0 per cent from the upcoming fiscal year (FY). Both export-oriented and other industries may come under the new duty slab from FY 2015-16. Currently, exporters...

Budget at a glance: FY 2015-2016

Govt to set up pension fund for pensioners

The government will create a Pension Fund Management Authority (PFMA) to look into the pension related activities of more than 0.5 million pensioners, the finance minister said on Thursday. In his budget speech, Finance Minister AMA Muhith also said the...

Wage earners\\\' bonds get tax exemption

The national budget for the fiscal year (FY) 2015-2016 has proposed exemption of taxes on interest income of the existing wage earners' bonds.   The finance minister in his budget speech on Thursday, proposed to exempt taxes on the interest of...

Some Tk 351.09b goes for payment of interest on enhanced govt borrowings

An enhanced amount of Tk 351.09 billion has been allocated in the next fiscal budget for interest payments on government borrowings. The debt- servicing amount accounts for 11.9 per cent of the total budgetary allocations.  The allocation is Tk 52.44...

Tk 630m proposed for ACC

The government has allocated Tk 630 million (63 crore) for the Anti-Corruption Commission (ACC) in the proposed budget for the fiscal year (FY) 2015-2016 in a bid to expedite the anti-graft campaign, reports BSS. Of the total allocation, Tk 560...

Tk 126b proposed for health ministry

The proposed budget for fiscal year 2015-16 has stressed on delivering health services more digitally by distributing 13,861 mini laptops and mobile phones among the community clinics aiming to enable the rural people to avail telemedicine services.   Keeping the new...

Photo: Dhaka City Awami League brought out a procession

Budget proposes wider social safety net

The new budget has proposed widening the government's social safety net coverage both in terms of the number of beneficiaries and the amount of allowances aiming to eradicate poverty from the country.   The number of beneficiaries for old age allowance...

Muhith proposes Tk 1.0b for NHRDF

The government will create a fund named "National Human Resources Develop-ment Fund" (NHRDF) to bring positive changes and provide uninterrupted financial support to its different skill development activities.   Finance Minister AMA Muhith on Thursday proposed an allocation of Tk 1.0...

10pc VAT on pvt edn proposed

The national budget for the fiscal year 2015-2016 has proposed 10 per cent VAT (value added tax) on private universities as well as medical and engineering colleges for the first time. In his budget speech on Thursday, Finance Minister AMA...

No major rise in home budget

The home budget has not seen any major increase in the proposed budget for the fiscal year 2015-16, though challenges remain for the government on the law and order front. The proposed allocation for the Ministry of Home Affairs (MoHA)...

Withdrawal of 5.0pc upfront source tax proposed

The finance minister has proposed withdrawal of existing 5.0 per cent upfront source tax (TDS) on treasury bills and bonds in the next budget to help boost the country's securities market. In his budget speech on Thursday, Finance Minister AMA...

Ispahani students stand beside DMCH burn victims

Students of Ispahani Girls School and College saved their tiffin money and donate it Thursday to the bomb attack victims, who are under treatment at the burn unit of the Dhaka Medical College and Hospital (DMCH) in the city, says...

177 students get Duke of Edinburgh Gold Award

For the third time in Bangladesh the certificate ceremony of The Gold Award of the Duke of International Edinburgh's Award was held recently at the residence of British High Commissioner here, said a press release. This year the Gold Award...

Seminar on building design code tomorrow

A seminar on "Enforcing Building Design Codes in Bangladesh with Limited Government Resources" will be held at BRAC University GDLN Centre in the city tomorrow (Saturday), said a press release. BRAC University Vice-Chancellor Prof Syed Saad Andaleeb will preside over...

News in Brief

Dhaka University Day to be observed July 1 The Dhaka University (DU) authorities will observe the Dhaka University Day on July 1. The theme of this year's day is 'Higher Education and Sustainable Development'. The decision was taken at a...

Weather

Rain or thundershowers accompanied by temporary gusty wind is likely to occur at one or two places over Rangpur, Dhaka, Barisal, Chittagong and Sylhet divisions until 6:00 pm today (Friday), reports UNB. Weather may remain mainly dry with partly cloudy...

Agriculture sector witnesses fall in budgetary allocation

The agriculture sector witnessed fall in allocation for the financial year (FY) 2015-16 in terms of total budgetary allocation as the government downsized the allocation by 0.84 per cent point compared to that of FY'15. Experts expressed their concern over...

Set of measures announced for stock market

Finance Minister AMA Muhith Thursday proposed a set of fiscal measures for next budget, including increasing the ceiling of tax-fee dividend income to help revive the country's capital market. "Capital market now stands on strong footing because of continuous efforts...

Submitting fake audit reports

A new provision for imposition of Tk 0.1 million as penalty on corporate taxpayers has been proposed in the Finance Bill 2015 for submitting fake audit reports. The respective taxpayers will also be liable to be punished with imprisonment, according...

BUILD hails some budgetary proposals

Business Initiative Leading Development (BUILD), a public private dialogue platform, said that private sector is alarmed because of the proposed ambitious revenue target that will discourage businesses. In an instant reaction to the proposed budget, BUILD Thursday said that increase...

Asia stocks mostly down, euro holds up as Greek talks plod

HONG KONG, June 4 (AFP): Most Asian markets fell today, with Shanghai plunging more than five per cent at one point and Tokyo's early gains whittled to almost nothing but the euro held its gains after Greece and its creditors...