Photo : Collected
The National Parliament is going to pass the proposed budget for the financial year 2024-25 today without any major amendments, which will come into effect from the first day of the new financial year tomorrow. Earlier, Finance Minister Abul Hassan Mahmood Ali presented the proposed budget for the upcoming financial year in the third session of the 12th National Parliament on June 6.
According to National Board of Revenue (NBR) sources, there is no significant change in the proposals raised at that time. Among the proposals raised in this year's budget, the most discussed is the issue of whitening black money by paying a tax of 15 per cent. Although there have been a lot of discussions and criticisms in various circles inside and outside the parliament, no change is being made in this proposal.
In the budget proposal, the finance minister mentioned capital gain tax on stock market investors. Although objections have been raised by investors, it is not being taken into consideration. In the amended budget, the decision to impose tax on profits of Tk 50 lakh will continue as before. As a result, the falling stock market will worsen. It is reported that the NBR will not withdraw the tax.
However, there are going to be some minor changes regarding income tax and customs. Especially under the pressure of domestic and foreign entrepreneurs, the NBR is withdrawing the decision to withdraw the tax holiday of private economic zones and hi-tech parks. In other words, the tax holiday benefits of these regions and parks remain as before. At the same time, import duty on capital equipment of industries established in economic zones is also kept at zero per cent as before.
The proposed budget abolishes the duty-free facility of machinery imported by developers for the construction or development of private economic zones and imposes a 1 per cent duty. A 1 per cent duty is also levied on capital machinery for industrial establishment. Besides, the benefit of duty-free import of cars for investors has been cancelled.
According to related sources, NBR Chairman Abu Hena Md Rahmatul Muneem met with Prime Minister Sheikh Hasina last week and discussed the budget for the fiscal year 2024-25. In the meeting, the demands of businessmen, including the withdrawal of tax benefits in economic zones, were highlighted. Then instructions came to maintain these facilities as per the instructions of the prime minister.
Besides, the proposal to impose a duty on the import of cars by MPs may not be implemented. While presenting the budget, the finance minister said that steps are being taken to encourage all citizens to pay taxes. However, the people concerned are of the opinion that the proposal to impose a 25 per cent duty under the pressure of parliamentarians is unlikely to survive.
Meanwhile, there is a change in the condition of showing tax return receipt for renting community centres. In that case, there will be no need to show this document in urban or rural areas. But it has to be shown in city corporation areas.
MPs of the ruling party believe that the government will proceed towards the implementation of the election manifesto by passing the proposed budget. In this regard, Chief Whip Noor-e-Alam Chowdhury Liton said, “The implementation of the Awami League's election manifesto is always in Prime Minister Sheikh Hasina's budget plan. She tries to reach that goal step by step. The promise she made to the people will be reflected. Most of the budget proposals that have come will be passed.”
Meanwhile, the Jatiya Party feels that the proposed budget should have further reduced the operational and development expenditures and reduced dependence on borrowing. In this regard, the leader of the opposition in the Parliament, Ghulam Mohammad (GM) Quader, told The Daily Messenger, “This is a traditional budget. Development costs should have been reduced and operating costs should have been reduced further. Direct taxes should have been looked at, besides taking measures to reduce borrowing.”
He further said that if the debt default cannot be stopped, then the economy will be threatened. “Our current problems are not caused by economic factors. This happened due to a lack of accountability and good governance. Corruption and irregularities have spread, which have not been kept in check.”
Messenger/Fameema
