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Muhith proposes Tk 2537 cr more for agriculture, agro subsidy Tk 9,000 cr

Agri Desk The government has allocated Taka 13,678.85 crore for agricultural sector in the proposed budget of 2016-17 fiscal which was nearly Taka 2,537 crore more than the revised budget of 2015-16. Besides, the government has raised Taka 9,000 crore as subsidies in the proposed budget compared the actual subsidies of Taka 7,000 crore allocated in the revised budget of ... Read More »

Promises for tax reforms fall through

businessnews24bd.com Four years ago, when Finance Minister AMA Muhith unveiled his plan to modernise the tax revenue system to ease taxpayers’ hassle, many believed that better days are on way. Today, four years on, taxpayers still do not have much to celebrate, as save for a few promises, all remained unfulfilled. By now, the tax system was supposed to be ... Read More »

Govt to introduce Oct 30 as Tax Day

businessnews24bd.com Finance Minister AMA Muhith on Thursday  proposed to set October 30 as the official ‘Tax Day’ changing it from September 30. From this fiscal year, taxpayers other than companies must submit tax returns by October 30, also to be known as ‘Tax Day’. If 30 October is a public holiday, the next working day will be the ‘Tax Day’, ... Read More »

Key features of budget

businessnews24bd.com Finance Minister Abul Maal Abdul Muhith on Thursday unveiled the national budget for 2015-16 financial year (FY16) at the Jatiya Sangsad (JS) with the key features below: Total outlay: Taka 3 lakh 40 thousand 605 crore Revenue Target: Taka 2 lakh 42 thousand 742 crore GDP growth: 7.2 percent Inflation: 5.8 percent, lowest ever ADP: Taka 1 lakh 10 ... Read More »

Cash incentive for 16 export products

businessnews24bd.com A cash incentive scheme has been proposed for 16 export goods in the budget for next fiscal to boost the demand for those goods in external markets. Cash incentives at the rate of 3 to 20 percent will be provided in products such as furniture, plastic goods and potato starch, Finance Minister AMA Muhith proposed. It is aimed to ... Read More »

Tobacco products price to up

businessnews24bd.com Finance Minister AMA Muhith in the budget for 2016-17 fiscal year on Thursday (June 2) proposed to increase the price of all tobacco produces including biri and cigarettes. The lowest slab of cigarette price has been set at Tk 23 which was Tk 18 last year, he said. The supplementary tariff also increased from 48 percent to 50 percent ... Read More »

Muhith targets to bring inflation down to 5.8 pc in 2016-17

Finance Minister AMA Muhith has proposed to bring down the average inflation rate to 5.8 percent in the coming fiscal year, reports bdnews24.com Muhith, on Thursday, presented his budget proposal of Tk 3.41 trillion with a deficit of Tk 978.53 billion. In the previous budget, the finance minister had said he planned to cut average inflation down to 6.2 percent. ... Read More »

Tax-free income limit unchanged in proposed budget

businessnews24bd.com The proposed budget for the 2016-17 fiscal year leaves the tax-free income limit unchanged. Finance Minister AMA Muhith, on Thursday, presented his budget proposal of Tk 3.41 trillion with a deficit of Tk 978.53 billion. “Last year, the tax-exempted income threshold for individual tax payers was Tk 250,000 with a scope for changing this threshold for various types of ... Read More »

Using mobile phones to get costlier as budget proposes to raise duty on SIMs

businessnews24bd.com The use of mobile phones will get costlier, as the budget for the coming 2016-17 FY proposes to raise the duty on SIM cards. Finance Minister AMA Muhith said in his budget speech that he wished to increase the supplementary duty to 5 percent. Muhith, on Thursday, presented his budget proposal of Tk 3.41 trillion with a deficit of ... Read More »

Govt backtracks on its VAT plan

businessnews24bd.com The government has backtracked on its plan to collect 15 percent Value Added Tax (VAT) from the sales of goods and services at retail level in 2016-17 fiscal year. Finance Minister Abul Maal Abdul Muhith in his budget speech in Parliament on Thursday said that the VAT and Supplementary Duty Act 2012 will be effective from FY 2017-18. Read More »