NBR
MPs' duty-free car imports may face cancellation
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.
“No alternative to automation to increase revenue”
State Minister for Finance Waseqa Ayesha Khan has commented that there is no alternative to automation to increase revenue.
NBR faces IMF pressure to withdraw ICT tax exemption
The country’s income from the ICT sector at present is $1.9 billion. The sector has generated 20 lakh job opportunities in addition to 6.5 lakh freelancers. Start-up investment now stands at $ 5,000 million. All these achievements have been made due to the government’s business-friendly policies in this sector.
No tax on offshore banking profit
The offshore banking unit has exempted from tax on the profit or interest earned by deposit.
Tk21,930cr revenue deficit in 9 months of current FY
In the first nine months of the current financial year 2023-24, 63.5 percent of the annual revenue target has been met.
Tk 24,000 crore VAT entangled in legal web
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.
Manufacturing 'Made in Bangladesh' top priority
The government is determined to establish the 'Made in Bangladesh' brand in the development of mega industries in the country and the creation of import alternative industrial production. Initiatives are being taken to further increase the prices of imported luxury goods in the upcoming fiscal year 2024-25 budget.
Lack of smart taxation to hinder telecom sector's growth: Palak
State Minister for Posts, Telecommunications and Information Communication Technology Junaid Ahmed Palak said, "Without a smart taxation policy, the desired growth of the telecom sector will be hindered."
15% VAT to be imposed on metro rail fare
The authorities are set to impose VAT on metro rail ticket prices from July.
Govt to reduce tax at source to facilitate leather industry
Among the foreign exchange earning sectors in Bangladesh's economy, the leather industry is the country’s second-largest contributor to Bangladesh’s export earnings after the RMG sector. But the sector at present is facing multifaceted challenges.
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