More tax likely on luxuries
May 27, 2009
A rise in tax on luxury items, including cars and cigarettes, would be proposed in the next national budget, to up the public expenditure for the poor section of the society, the finance minister hinted yesterday. “Duties on luxury items and goods harmful to health are likely to be increased,” AMA Muhith told reporters after a meeting with Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) at his ministry. However, the minister did not specify the luxury items that would face higher taxes. Read more
Direct tax may increase: Muhith
May 24, 2009
The government may increase direct tax in the next budget that is being carefully strewn in the aftermaths of global financial meltdown, the finance minister said on Saturday. “Direct tax may see a rise, as we try to offset the recession impact,” A M A Muhith said at pre-budget discussion at Jalalabad Gas Transmission & Distribution System Ltd auditorium at Mehendibagh in Sylhet on Saturday. “We want to make additional income from luxury products,” the minister said and added that the proposed fiscal measures would put pressure on 82 items. Read more
Minimum individual income tax likely to go up to Tk 2,500
May 19, 2009
The government appears to increase the amount of minimum tax for individual taxpayers from Tk 2,000 to Tk 2,500 in an effort to boost the revenue collection. According to the existing system, an individual taxpayer has to pay 10 percent of his income if it exceeds Tk 165,000 but remains below Tk 275,000. Even if the tax amount remains below Tk 2,000, the individual taxpayer has to pay Tk 2,000 as minimum tax. Read more
Tax-free income ceiling won’t be raised
May 18, 2009
Finance Minister AMA Muhith yesterday said the government would not raise the ceiling of tax-free income from the present Tk 165,000 in the next budget. He also said that the government would retain the pre-shipment inspection (PSI) system, as the customs department is not ready yet to take over the job despite widespread demand for scrapping such inspection services. “Considering the market prices and inflationary pressure I see no reason to up the ceiling further,” Muhith told a pre-budget discussion organised by the Economic Reporters Forum (ERF) at the National Press Club. Read more
Raise tax-free income ceiling
May 14, 2009
Businessmen yesterday urged the government to fix the revenue earnings target at Tk 55,000 crore and raise the ceiling of the tax-free income in the national budget for fiscal 2009-10. They demanded establishment of a fund for mitigating the effects of financial crisis. They also demanded special economic zones (SEZs) for local investors, punitive measures against the errant reports of the pre-shipment inspection (PSI) companies, reforms to key government offices, single digit bank interest rate and lowering import duties.
Raise tax-free income threshold in budget
May 13, 2009
The Centre for Policy Dialogue (CPD) has urged the government to increase the threshold of tax-free income to Tk 185,000 from its existing Tk 165,000 in the next budget for fiscal 2009-10. The private think-tank also said the limit of such tax-free income should be Tk 200,000 from its existing Tk 180,000 for senior citizens and the disabled. The CPD made the proposals to Finance Minister AMA Muhith on Monday. The CPD also recommended withdrawal of Tk 500,000 in annual renewal fees for captive power generators and introduction of zero tariffs on the import of capital machinery. Read more
Govt to fast-track tax cases to realise Tk 6,500 crore
May 7, 2009
The government will act to fast-track cases pending with the High Court to realise over Tk 6,500 crore in VAT, tax and income tax arrears, the law minister said Sunday. The office of the attorney general has been tasked with the job for speedy disposal of the cases, Shafiq Ahmed said. The decision came at a meeting at the law ministry about speedy disposal of cases as many writ petitions and appeals on VAT, tax and income tax remained pending. The law minister chaired meeting while representatives from the finance ministry, NBR, customs and attorney general’s office were present.
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Tax overhaul on cards to protect industries
April 23, 2009
The government has planned to restructure the current taxation system to protect domestic industries and ensure their expected growth in the changed context, instead of handing out cash stimulus in temporary bailout, Industries Minister Dilip Barua said yesterday. “We must have to protect native industries and we’ve already discussed tax restructuring which will hopefully be reflected in next budget,” he said during a meeting with the leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the ministry. Read more
DSE proposes tax-free investment of undisclosed money
April 10, 2009
Dhaka Stock Exchange (DSE) has sought government’s nod to a tax-free investment of undisclosed money in the capital market in order to make it vibrant. Allowing such investment was among the set of proposals the prime bourse leaders placed before the head of government when they met her at her office yesterday. The DSE also sought Prime Minister Sheikh Hasina’s intervention in offloading the shares of state-owned profitable companies. Read more
No new holding tax in next RCC budget: mayor
April 4, 2009
The Rajshahi City Corporation has taken an initiative for holding open discussion with the citizens over the formulation of its annual budget for fiscal year 2009-10. As part of the initiative, RCC and Conscious Citizens Committee jointly arranged a view-exchange meeting on the premises of Miapara Public Library on Friday. The Rajshahi mayor, AHM Khairuzzaman Liton, who attended the meeting as the chief guest, revealed that no new holding tax would be imposed in the proposed budget. He, however, said the tax would be reassessed on the extended building at the previous rate. Read more