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Search results for: economy

Tk 16.51b allocated for foreign ministry in FY23 budget

Tk 16.51b allocated for foreign ministry in FY23 budget

-- 2022-06-09 18:47:02

An allocation of Tk 16.51 billion has been made for the Foreign Affairs Ministry in the proposed budget for 2022-23 fiscal. The allocation in the new budget is Tk 600 million more than the revised bu...

Health sector gets trivial boost in FY23 budget

Health sector gets trivial boost in FY23 budget

-- 2022-06-09 18:44:26

Though he said strengthening the health sector is the government's top priority, Finance Minister AHM Mustafa Kamal has increased allocation for the ailing health sector by just a little bit in the Na...

Income tax rate to remain unchanged in FY23

Income tax rate to remain unchanged in FY23

-- 2022-06-09 18:37:34

Finance Minister Mustafa Kamal is planning to keep the individual tax rate unchanged for a third straight year in the proposed national budget for the fiscal year 2022-23. Despite calls from various...

Key takeaways from FY23 budget

Key takeaways from FY23 budget

-- 2022-06-09 18:31:40

The Russia-Ukraine war and its repercussions amid recovery from the coronavirus pandemic have forced governments to revise their previous plans and Bangladesh is no exception. The Sheikh Hasina admin...

BB to study digital currency as an alternative to crypto

BB to study digital currency as an alternative to crypto

-- 2022-06-09 18:28:46

Bangladesh Bank will conduct a feasibility study on the possibility of introducing a central bank digital currency (CBDC), backed by blockchain technology. Finance Minister AHM Mustafa Kamal revealed...

Social safety net widened

Social safety net widened

FE ONLINE REPORT 2022-06-09 18:28:15

With the introduction of the Universal Pension system and the rise in allocation and coverage for some vulnerable groups social safety net programmes widened in the next budget. Finance Minister AHM...

FinMin proposes tax cuts for 'Made in Bangladesh' brands to boost competitiveness

FinMin proposes tax cuts for 'Made in Bangladesh' brands to boost competitiveness

-- 2022-06-09 18:23:56

Finance Minister AHM Mustafa Kamal has proposed to reduce taxes on Bangladeshi export-oriented products to make them globally competitive. He suggested encouraging diversification of export goods and...

Mobile phone sets to get costlier in budget FY 23

Mobile phone sets to get costlier in budget FY 23

-- 2022-06-09 18:17:00

People will have to pay more for buying mobile handsets as Finance Minister AHM Mustafa Kamal has proposed withdrawing a 5.0 per cent VAT exemption of mobile phone sets. Mustafa Kamal proposed the VA...

5.0m low-income families to get food assistance in FY23

5.0m low-income families to get food assistance in FY23

-- 2022-06-09 18:11:09

Five million low-income households will get food assistance of 30 kg of rice each month at the rate of Tk15 per kilogramme. The assistance will be given in the lean seasons- September, October and No...

Govt plans to construct 54 warehouses for safe chemicals storage

Govt plans to construct 54 warehouses for safe chemicals storage

-- 2022-06-09 18:10:20

As part of the government initiatives to ensure a safe environment in the industries, a total of 54 godowns will be constructed under a project titled ‘Building Warehouses for Storage of Chemica...

Around $4.0b invested in private economic zones, says Kamal

Around $4.0b invested in private economic zones, says Kamal

-- 2022-06-09 18:05:55

Finance Minister AHM Mustafa Kamal has said that the investment in private economic zones is about US$ 4 billion. He disclosed the figure in his budget speech mentioning that allocation of land has b...

Agro-machineries get increased subsidy in budget FY23

Agro-machineries get increased subsidy in budget FY23

-- 2022-06-09 18:03:28

Finance Minister AHM Mustaf Kamal has emphasised on agricultural modernisation in a bid to enhance food production and easing labour dependency in this sector. The government has been providing farme...

Government cuts turnover tax for startups

Government cuts turnover tax for startups

-- 2022-06-09 18:01:18

Bangladesh plans to slash the turnover tax for startups to 0.1 per cent from 0.6 per cent in the new fiscal year starting July 1, in order to allow entrepreneurs a competitive advantage to expand thei...

Cash incentive on remittance to remain unchanged at 2.5pc

Cash incentive on remittance to remain unchanged at 2.5pc

-- 2022-06-09 17:58:37

Keeping the rate of incentive on sending remittance unchanged at 2.5 per cent in the fiscal year 2022-23, Finance Minister AHM Mustafa Kamal has hoped that a satisfactory growth of remittance will be...

Govt plans to impose 15pc VAT on laptop imports

Govt plans to impose 15pc VAT on laptop imports

FE ONLINE REPORT 2022-06-09 17:17:25

The government plans to impose 15 per cent VAT on laptop imports in the proposed 2022-23 fiscal year, resulting in the total tax incidence of the product to 31 per cent. Finance Minister AHM Mustaf...

Bangladesh plans to borrow record Tk 1.0t from banks

Bangladesh plans to borrow record Tk 1.0t from banks

-- 2022-06-09 17:15:26

After a deviation of two years due to the coronavirus pandemic, Bangladesh has geared up to get back on track with development by designing a budget with a massive deficit, planning to raise more than...

Allocation of power and energy slashed in budget for FY23

Allocation of power and energy slashed in budget for FY23

-- 2022-06-09 16:55:28

The power and energy sector received an allocation of Tk. 260.66 billion for the fiscal year 2022-23 (FY23), which is Tk 14.18 billion lower than the outgoing fiscal year 2021-22 (FY22). Announcing t...

Proposed budget to keep aside Tk 50b for jobless people

Proposed budget to keep aside Tk 50b for jobless people

FE ONLINE REPORT 2022-06-09 16:30:14

The government plans to set aside Tk 50 billion (5,000 crore) in the proposed 2022-23 fiscal year to provide emergency financial assistance to the low-income people who become jobless. Finance Mini...

Kamal sees six major challenges for FY23 

Kamal sees six major challenges for FY23 

-- 2022-06-09 16:19:25

Finance Minister AHM Mustafa Kamal saw six major challenges for the fiscal year (FY23) and said that the government needs to be pragmatic in addressing these challenges as any failure to address them...

Bangladesh cuts corporate tax rate to 27.5pc

Bangladesh cuts corporate tax rate to 27.5pc

-- 2022-06-09 16:04:31

Finance Minister AHM Mustafa Kamal has announced a corporate tax cut in order to reinvigorate the economy after the setbacks caused by the pandemic and the war in Ukraine. In line with previous budge...

Amid price spike, inflation target set at 5.6pc for new fiscal

Amid price spike, inflation target set at 5.6pc for new fiscal

-- 2022-06-09 15:57:14

Bangladesh is targeting an average inflation rate of 5.6 per cent in the coming fiscal year. There has been a recent spike in prices, mainly due to external factors, Finance Minister AHM Mustafa Kama...

GDP growth target set at 7.5pc in FY23

GDP growth target set at 7.5pc in FY23

FE ONLINE DESK 2022-06-09 15:53:03

Bangladesh has set a 7.5 per cent GDP growth target for the new fiscal year starting Jul 1, even as the war in Ukraine threatens to plunge the global economy into a fresh crisis, bdnews24.com reports....

ADB approves $250m loan for Bangladesh social resilience programme

ADB approves $250m loan for Bangladesh social resilience programme

-- 2022-06-09 15:49:54

The Asian Development Bank (ADB) on Thursday approved a $250 million policy-based loan to support social protection reforms in Bangladesh designed to protect the vulnerable population against socioeco...

Kamal places budget of Tk 6.78 trillion for FY23

Kamal places budget of Tk 6.78 trillion for FY23

FE ONLINE DESK 2022-06-09 15:11:39

Finance Minister AHM Mustafa Kamal has unveiled the upcoming 2022-23 fiscal year's proposed national budget with a record outlay of Tk 6.78 trillion in the national parliament. He presented the budge...

Cabinet approves national budget for FY23

Cabinet approves national budget for FY23

-- 2022-06-09 15:01:53

The Cabinet at a special meeting on Thursday approved the proposed national budget for the fiscal year 2022-23. Prime Minister Sheikh Hasina presided over the meeting held at the cabinet room of the...

Cost of living: The shock of rising prices in Japan

Cost of living: The shock of rising prices in Japan

BBC 2022-06-09 12:15:33

As a child growing up in Japan, things very rarely seemed to get more expensive. My favourite lunch was always available for a 500 yen coin ($3.90; £3.10) and it remained that way until...

'Impose more taxes on luxury items to save forex reserves'

'Impose more taxes on luxury items to save forex reserves'

FE REPORT 2022-06-09 10:33:45

Bangladesh needs to be careful about imports and should impose more taxes on luxury items to save foreign-exchange reserves in the country, said former Bangladesh Bank governor Dr Atiur Rahman. Speak...

Taka gains against dollar after serial depreciation

Taka gains against dollar after serial depreciation

SIDDIQUE ISLAM 2022-06-09 08:50:32

A turnaround comes as the Bangladesh taka gained 50 paisa in its value against the US dollar Wednesday after a depreciation dive for four consecutive workdays. The US currency was quoted at Tk 91.50...

Taxation recast can ‘cut income inequality’

Taxation recast can ‘cut income inequality’

DOULOT AKTER MALA 2022-06-09 08:46:17

Income inequality in Bangladesh goes gaping to worst level after the pandemic as government's direct-tax measure proves futile in addressing the disparity, experts say. Despite Bangladesh having amon...

Budget for FY '23 today: Protecting poor, reviving growth top targets

Budget for FY '23 today: Protecting poor, reviving growth top targets

JASIM UDDIN HAROON 2022-06-09 08:43:35

Helping out marginalised people from price surges and economic-growth rebound top targets in a Tk 6.78-trillion new budget the government unfurls today (Thursday) at a worldwide crunch time. Agricult...