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Dhaka procuring 10000 electronic tools to check VAT evasion

Dhaka, Sept 6 (UNB) – The National Board of Revenue (NBR) has started the process to procure modern technology-based electronic fiscal devices (EFDs), aiming to check VAT evasion both at the retail and wholesale levels. Sources at the NBR said it has already placed a work order to procure 10,000 EFDs spending Tk 317 crore to install those at 24 ... Read More »

Toll on using national highways for long-distance trips: PM

Dhaka, Sept 3 (UNB) – Prime Minister Sheikh Hasina on Tuesday said toll should be collected from the long-distance vehicles that plyfour national highways and the money should be used forthe maintenance of the major roads. The Prime Minister said this while presiding over a meeting of the Executive Committee of the National Economic Council (Ecnec) at the NEC conference ... Read More »

Gas price hike to hit garment sector hard: BGMEA

Dhaka, July 1 (UNB) – Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Monday said the gas price hike will be another blow for an industry struggling for every penny. “On the basis of the information I have, the gas bill will take up around 1.5 percent of the manufacturing cost. So, 38 percent increase in gas price means almost ... Read More »

BD Finance Bill changes stocks, textiles tax proposals

Dhaka, June 29 (UNB) – Parliament on Saturday passed the Finance Bill 2019 with some changes in the proposals over the capital market, VAT and handloom industry. For the first time in Bangladesh’s history, Prime Minister Sheikh Hasina moved the Bill following a request from Finance Minister AHM Mustafa Kamal. The finance minister made the request as he was unable ... Read More »

High taxes to impede BD telecom sector growth, says insiders

Dhaka, June 26 (UNB) – High taxes and duties proposed in the national budget for 2019-20 fiscal year on the telecom sector will impede its growth, said insiders on Wednesday. They made the remarks at a roundtable discussion titled ‘Proposed Budget: Reality of Telecom Sector’ organised by Telecom Reporters Network Bangladesh (TRNB) at a city hotel. In the new budget, ... Read More »

Anti-tobacco groups for specific tax on tobacco products

Dhaka, June 23 (UNB) – Leaders of different anti-tobacco organisations on Sunday urged the government to impose specific tax on tobacco products and withdraw all the facilities given to tobacco companies in the national budget considering public health. They came up with the call at a views-exchange meeting at the Jatiya Press Club organised by Bangladesh Tamak Birodhi Jote (BTBJ), ... Read More »

Beyond the EU budget zero-sum game

by Leonardo Costa Discussion of the EU budget brings strife between supposed net contributors and beneficiaries. Yet the picture is more complex and Europe-wide taxation offers a way out. When it comes to the budget for the European Union, the debate is dominated by which member states are net contributors and which net beneficiaries. This has been a barrier to ... Read More »

‘Exempt poultry industry from 5 percent Vat’

Dhaka, June 19 – The leaders of the Feed Industries Association Bangladesh (FIAB) and Breeders Association of Bangladesh (BAB) have urged the government to exempt the poultry industry a 5 per cent Advance Tax (AT) and 5 per cent Advance Income Tax (AIT) on all import of essential raw material of poultry feed, so that it can maintain a competitive ... Read More »

Mixed reaction on budget from ruling alliance

Dhaka, June 14 – The leaders of Awami League-led 14-party alliance have given mixed reaction over the proposed budget for 2019-20 fiscal year. Some alliance leaders said the proposed budget will not fulfill the expectation of the mass people of the country while some leaders have dubbed the budget as pro-people and implementable. Earlier on Thursday, the Finance minister AHM ... Read More »

Budget to benefit a section, people will reject it: BNP

Dhaka, June 14 – The main opposition BNP has termed the proposed national budget for fiscal 2019-20 highly ambitious and claimed the people would reject it. “The people would not accept the budget as it would create pressure on them and increase inequality. The rich will become richer and the poor will become poorer if it’s implemented,’ said BNP secretary ... Read More »

Budget not reflects ruling party’s polls manifesto: CPD

Dhaka, June 14 – The proposed national budget has not reflected the pledges of the ruling party Awami League’s election manifesto as it would go in favour of the people who are beneficiary of economic misrule instead of the larger segment of the poor people, said Centre for Policy and Dialogue (CPD) yesterday. In the budget analysis CPD distinguished fellow ... Read More »

PM Hasina seeks help for implementing ‘pro-people budget’

Dhaka, June 14 – Terming the budget “pro-people” Prime Minister Sheikh Hasina yesterday said the Tk 5,23,190 crore outlay for FY2019-20 is pretty self-explanatory and there is no scope of confusion. “We prepared the budget for our common people, not for the researchers who don’t find good in anything,” said PM Hasina while addressing the post budget press conference at ... Read More »

Taxation proposals in Bangladesh budget for 2019-20

Income Tax, Value Added Tax and Import-Export Duty NBR officials work relentlessly to achieve the revenue target set by the government every year. NBR tax revenue is basically collected from Income Tax, Value Added Tax (VAT) and Import & Export Duty. Except for Income Tax, the other two are indirect taxes. Supplementary duty and regulatory duty are also collected as ... Read More »

Highlights of budget for 2019-20

Dhaka, June 13 – Following are the highlights of the proposed budget for fiscal year 2019-20 • Tk 5.2tr budget with 8.2% growth target• Generate fresh employment for 3cr people by 2030• Increase taxpayers number to 1.0cr from 21-22 lakh• Contain inflation at 5.5 percent• Pension scheme for all• Tk 100cr for start-up capital to promote youths entrepreneurship• Tk 100cr ... Read More »

G20 urged to speed up digital tax on tech giants

FUKUOKA, Japan, June 8, 2019 (BSS/AFP) – Top G20 finance officials agreed Saturday there was an urgent need to find a global system to tax internet giants like Google and Facebook but clashed on the best way to do it. The G20 has tasked the Organisation for Economic Cooperation and Development to fix the system that has seen some internet ... Read More »

G-20 finance chiefs mull ‘fair tax’ reforms to boost growth

Fukuoka, Jun 8 (AP/UNB) — Finance chiefs of the Group of 20 major economies meeting in the Japanese city of Fukuoka debated Saturday over how to revise tax systems to ensure big companies pay their fair share and support economies as global growth slows. One aim is to prevent a “race to the bottom” by countries trying to lure companies ... Read More »

Regulatory duty increased to discourage rice import

Dhaka, May 22 (UNB) –The government has increased the regulatory duty on rice import to 25 percent from the existing 3 percent, aiming to discourage its import following a drastic fall in rice prices in the country. The National Board of Revenue (NBR) issued a circular in this regard on Wednesday with immediate effect. Besides, the circular said, the importers ... Read More »

A carbon dividend is better than a carbon tax

By Mark Paul and Anthony Underwood Anthony Underwood Sarasota – Climate change is the world’s most urgent problem, and in the United States, the left, at least, is taking it seriously. Earlier this year, Representative Alexandria Ocasio-Cortez of New York and Senator Edward Markey of Massachusetts, both Democrats, introduced a Green New Deal (GND) resolution, which offers a blueprint for ... Read More »

BD govt sets higher revenue collection goal for next FY

Dhaka, May 10 – The revenue collection target for the 2019-20 fiscal has been set at Tk 3.97 lakh crore to reduce dependency on foreign aid and grants. The National Board of Revenue (NBR) has been tasked with collecting Tk 3,41,700 crore while non-NBR sector will contribute Tk 17,000 crore and non-tax sector Tk 37,500 crore. “The government will increase ... Read More »

BD businesses FBCCI wants tax-free income up at Tk 350000

Dhaka, Apr 30 (UNB) – The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) on Tuesday proposed raising the tax-free income tax celling for individual taxpayers to Tk 3.5 lakh from existing Tk 2.5 lakh considering the increased living cost due to inflation. It also demanded reduction of corporate tax rates and withdrawal of advance tax for import materials, ... Read More »

How to tax a multinational

For too long, multinational corporations—and digital firms in particular—have used existing rules to avoid paying taxes in countries where they do much of their business. For some time now, multinational companies (MNCs) have been gaming the rules of the global economy to minimize their tax liability—or even eliminate it altogether. And for some time now, the Independent Commission for the Reform ... Read More »

No compromise over tobacco, says taxation chief

Dhaka, Apr 7 (UNB) – Chairman of the National Board of Revenue (NBR) Md Mosharraf Hossain Bhuiyan on Sunday said they will make no compromise over the issue of tobacco as Prime Minister Sheikh Hasina expressed her commitment to make Bangladesh a tobacco-free country. He came up with the remarks at a pre-budget discussion with the representatives of Anti-Tobacco Media ... Read More »

Ex-Customs Commissioner sent to jail on illegal property charge

Dhaka, April 01 – A Dhaka court on Monday sent a former Customs Commissioner and former member of Customs, Excise and VAT Appellate Tribunal to the jail in a graft case filed for acquiring illegal property. The Metropolitan Sessions Judge of Dhaka, KM Imrul Kayes passed the order rejecting the accused Mohammad Nurul Islam’s bail plea. On October 2, last ... Read More »

Life tax exemption for women with 4 or more kids in Hungary

Hungary, Feb 11 (AP/UNB) — Hungary’s government is greatly increasing financial aid and subsidies for families with several children, the country’s prime minister said Sunday. The measures announced by Viktor Orban during his “state of the nation” speech are meant to encourage women to have more children and reverse Hungary’s population decline. The benefits include a lifetime personal income-tax exemption ... Read More »

Task force to identify, bring foreign workers under tax net

The National Board of Revenue (NBR)is going to form a taskforce to identify the foreign nationals working in Bangladesh to bring them under the tax net. There will be representatives of Bangladesh Investment Development Authority (Bida), National Security Intelligence (NSI) and police in the taskforce apart from the NBR. “This taskforce will mainly work at the field level and conduct ... Read More »