After being elected as Members of Parliament, individuals have traditionally enjoyed the privilege of importing cars from overseas without incurring any duty. However, the National Board of Revenue (NBR) is now considering cancelling this privilege for MPs. Concerned sources have indicated that there are plans to impose a duty ranging from 5 to 25 percent on the importation of MPs' cars, leading to the abandonment of the duty-free system.
The inflation rate in government surveys is nearing 10 percent. Middle and lower-income groups are struggling to cope with rising expenses. The devaluation of money is rampant, with the exchange rate of the dollar being misused. Over the past three years, the value of the dollar has increased by 30 taka. Alongside a decline in revenue in several key sectors, there's an active stream of income from expatriates, affecting the country's foreign currency reserves
The National Board of Revenue (NBR) has exempted Value Added Tax (VAT) or supplementary duty VAT on metro rail passenger services throughout the current financial year 2023-24. However, starting from July 1 of the current year, Dhaka Mass Rapid Transit Company (DMTCL) has informed the NBR that this facility will no longer be available.
In the past 11 years since the collapse of Rana Plaza in Savar, there has been a fundamental transformation in the garment sector workplace. Owners of these sectors, along with labor leaders and researchers, acknowledge this change. They said that following the tragedy that claimed the lives of 1,135 garment workers in Rana Plaza, factory owners, under pressure from European and North American buyers, have invested heavily to ensure safe working conditions. Western diplomats have also criticized the garment sector in Bangladesh at various times, acknowledging that it now publicly accepts its safe and compliant status.
The crisis of living standards, the revival of the economy, and foreign exchange reserves has set the stage for the upcoming budget activities for the fiscal year 2024-25. Ordinary people in the country, already burdened by rising prices, are expecting further distress. Despite considering increasing tax collection, the National Board of Revenue (NBR) is not contemplating raising the tax-free income threshold in the high inflation market.
In the fiscal year 2023-24, the National Board of Revenue (NBR) had set a target of collecting Tk 4 lakh 30 thousand crore as revenue. However, the actual collection fell short of this ambitious target, reaching only Tk 4 lakh 10 thousand crore. Despite this, satisfactory revenue collection did not occur.