Issuing various prepaid instruments, such as cash vouchers, gift cards, cash cards, reward cards and wallets, by non-payment system entities is going to come under a legal framework that includes a provision prohibiting the purchase and conversion of illegal online gambling, betting, virtual curren
Terming the budget inconsistent with the aim of achieving 'Smart Bangladesh', business leaders of the ICT sector urged Prime Minister Sheikh Hasina to withdraw the 5.0 per cent VAT on the software sector, proposed in the budget. Urging to extend the tax exemption facility for the ICT industry unti
Bangladesh sees its external trade rebound with single-month export earnings recording over 26-percent growth to US$4.84 billion in May after a consecutive two-month slump, raising slim hopes amid the country's forex woes. The Export Promotion Bureau (EPB) came up with such data Sunday-at a time w
A seven per cent increase in allocation for the transport and communication sector has been proposed in the budget for the upcoming fiscal year of 2023-24. The road transport sector gets the highest allocation as it is to start two metro rail projects. According to the proposed budget for FY 2023-
A revolutionary reform will be required to achieve the revenue target set in the proposed budget for FY 2023-24, former governor of Bangladesh Bank Dr. Atiur Rahman said on Saturday. "The quantum jump in the revenue collection target is a brave move by the government as it is happening in an elect
Economist Ahsan H Mansur on Saturday said the proposed fiscal budget did not reflect on the current economic reality for not addressing issues like dollar crunch, inflation and reform to boost revenue earnings. The government's revenue target has continued to fail in the last 12-13 years with incr
The Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday proposed the government to set ‘foreign cash inflow and outflow’ targets to ease the domestic exchange market volatility. The targets should be fixed for one financial year (FY) also due to the u
Blaming price spiral on global inflation, instead of demand management through interest-rate raise and reducing budget deficit, reflects ‘political convenience’, economists and business leaders said Saturday. At a budget-review meet they suggested reform of the taxation sys
Economists and bankers think the cost of spending in foreign currencies is likely to be increased due to the downgrading of Bangladesh's sovereign rating and negative rating actions against some banks by Moody's Investors Service. The fear private sector entrepreneurs may have to pay more interest
After nine years of profit-making, forty-nine state-owned enterprises (SOEs) are set to count massive losses in the outgoing fiscal year (FY), 2022-23. According to the Bangladesh Economic Review-2023 released last Thursday, the net loss of those companies and corporations has been estimated at Tk
None had got undisclosed money legalised during the last one year despite budgetary amnesty, Finance Minister AHM Mustafa Kamal said Friday, although studies claim huge unaccounted-for funds run informal economy in Bangladesh. “In my budget speech last year I said if anyone brings back untax
Bangladesh Bank Governor Abdur Rouf Talukder today (June 2) ruled out any possibility of creating inflation in the country from the target of government borrowings, including bank borrowings, set in the proposed budget for the next fiscal year (FY24). "Currently, the inflation in the country
National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem on Friday raised the rationale behind the proposal to make the minimum Tk 2,000 tax for every TIN holder who is below the taxable income. "TIN is not mandatory for the poor. It is a matter of pride for the people who are obliged
