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Dhaka faces burgeoning budget deficit in pandemic aftermath

Dhaka, April 05 – Amid a nosedive in revenue collection, export earnings and remittance inflow, economists fear a burgeoning budget deficit in the aftermath of the coronavirus pandemic and the massive steps taken to tackle it. Due to halt in the economic activities with the closure of most business establishments and shops as part of ‘social distancing’, they also fear ... Read More »

BD passes Tk 5tln budget appropriation bill for 2019-20

Dhaka, June 30 (UNB) – Parliament on Sunday passed the Tk 5,23,190 crore national budget for the fiscal year 2019-20, themed as ‘Bangladesh on a Pathway to Prosperity: Time is Ours, Time for Bangladesh’. Finance Minister AHM Mustafa Kamal moved the Appropriations Bill, 2019 seeking a budgetary allocation of Tk 6,42,478.27 crore which was passed by voice vote. Following the ... 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 »

BD Minorities demand equal per capital allocation in budget

Dhaka, June 23 (UNB)- Bangladesh Hindu Bouddha Christian Oikya Parishad, an umbrella platform for the country’s religious minorities, on Sunday urged the government to allocate the budget equally on a per capita basis between both the majority and minority groups of the country. The organisation’s general secretary Rana Dasgupta said this at a press conference at Jatiya Press Club in ... Read More »

Budget to disparately increase living cost of low-income people

Dhaka, June 23 – Center for Policy Dialogue (CPD) on Sunday said the proposed measures in the budget for 2019-20 fiscal year(FY) are likely to disproportionately increase the cost of living for low- and medium- income groups compared to the affluent section. The private think-tank held its annual customary “CPD Budget Dialogue” at a city hotel yesterday. The CPD in ... Read More »

Budgetary reform for sustainable development in BD urged

Dhaka, June 21 – Sushashoner Jonno Nagorik (Shujan), a civil society platform of Bangladesh called for budgetary system reform for sustainable development. The platform recommended the budgetary system be reformed to effectively impact the country’s sustainable development at roundtable programme held at Jatiya Press Club in Dhaka yesterday (Friday). Shujan said in its reaction to the proposed national budget for ... 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 »

Budget undermined role of telecom sector: operators

Dhaka, June 18 (UNB)- Stating that the newly placed National Budget for FY 2019-20 is going against the vision of digital Bangladesh, The Association of Mobile Telecommunication Operators of Bangladesh (AMTOB) urged the government reconsider it in the telecom sector. AMTOB leaders came up with the request in a press briefing held on budget reaction at Sonargaon Hotel in the ... Read More »

Budget for the interest of some businessmen, politicians: GF

Dhaka, June 15 – Gonoforum on Saturday turned down the national budget for 2019-20 saying it has been formulated to protect the interest of a handful of businesspeople and politicians ignoring people. “This is not a budget for people. We reject this budget…,” said Gonoforum president Dr Kamal Hossain. He came up with the remarks while giving his party’s formal ... Read More »

Proposed budget business-friendly: FBCCI

Dhaka, June 15 — The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has lauded the proposed national budget for the 2019-20 fiscal year as a “business-friendly” one. “We thank Prime Minister Sheikh Hasina and Finance Minister Mustafa Kamal for announcing such a public and business-friendly budget. We hope it’ll help flourish the economic development of the country,” FBCCI ... 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 »

Implementation main challenge, economists about BD budget

Dhaka, June 13 (UNB) – Noted economists have said implementation of the new budget will be the main challenge for the government as ‘administrative inefficiency and legal complexity’ may appear to be a major obstacle to it. They said the rate of budget implementation has decreased to 75-80 percent from 93-94 percent over the last one decade following revenue shortfall, ... Read More »

A quarter to reap all benefits of budget, says BNP

Dhaka, June 13 – BNP senior leader Amir Khosru Mahmud Chowdhury on Thursday said the proposed national budget for the fiscal year 2019-20 will facilitate only a section of people instead of fulfilling the hopes and aspirations of the country’s people. In an instant reaction to the new budget, he also said as the government has kept Tk 145,380 crore ... 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 »

Online system to control savings certificate transactions

Dhaka, Jun 13 (UNB) – Finance Minister AHM Mustafa Kamal on Thursday said real-time information is available now on the sale, profit and encashment of national savings schemes from the ‘National  Savings Scheme Online Management System’. The system was introduced at the initiative of the Finance Division for modernising the management system of national savings schemes transactions, he said.  “Maximum ... Read More »

Exclusive tourist zone in Cox’s Bazar for foreign tourists

Dhaka, Jun 13 (UNB) – The work on establishing an exclusive tourist zone for foreign tourists is underway at Sabrang in Cox’s Bazar. Finance Minister AHM Mustafa Kamal disclosed this while placing the national budget in parliament for fiscal 2019-20 on Thursday. He said Bangladesh has many tourist spots, including the world’s largest unbroken  sandy  sea  beach in  Cox’s  Bazar,  ... Read More »

Bangladesh unveils Tk 5.23 tln national budget for 2019-20

Dhaka, June 13 – Finance Minister AHM Mustafa Kamal today placed a Taka 5,23,190 crore national budget for FY20 in parliament to ‘make a big stride’ to materialize the Vision 2021 and implement the agenda for 2030. “We are committed to the nation to realize fully the Vision 2021 and implement the agenda for 2030 for building a happy and ... 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 »

Impacts on taxation proposals on prices in New Bad budget

In addition to imported smartphones, prices of ice-cream, cigarette, edible oil and different food products are likely to go up as the government has proposed rise in taxes or duties on these.   Imported gold, locally made bread, biscuit and agricultural machinery will see a price drop once the cut in taxes and duties on the products are passed. Finance Minister ... Read More »

BD Parliament budget session begins Tuesday

The first budget session of the 11th parliament formed through the December-30 general election will begin on Tuesday. Finance Minister AHM Mustafa Kamal will place the proposed national budget in the House on Thursday. The size of the budget for the upcoming 2019-‘20 fiscal year will cross Tk 5 lakh crore (five trillion), said Prime Minister Sheikh Hasina at an ... Read More »

‘Gendering’ the EU budget

by Firat Cengiz There is a clear case for making gender equality a more visible part of the EU budgetary process. Budgets are not gender-neutral. Women and men have different needs and expectations from public services. These needs and expectations also differ among individuals due to other intersecting qualities, such as ethnicity, social and economic class, refugee and migration status, ... Read More »