Home >
Economy
NBR says revenue collection exceeds target for 2015-16 fiscal year
Abdur Rahim Harmachi, bdnews24.com
Published: 2016-06-29 21:55:31.0 BdST Updated: 2016-06-29 21:55:31.0 BdST
The National Board of Revenue has beaten the revenue collection target for the 2015-16 fiscal ending on Thursday, its chairman says.
In a Facebook post on Wednesday, Nojibur Rahman said the board mobilised Tk 1.55 trillion.
The figure is 3.19 percent higher than the revised target and 14.06 percent bigger than the previous FY’s collection.
The NBR chief says ‘impossible has been made possible’.
He said the board had established claims over an additional Tk 130 billion, which would come through book adjustment from the Finance Division as arrear revenue from Petrobangla.
The additional amount will take the collection figure near the original target of 1.76 trillion fixed in the budget for 2015-16, he added.
The target was revised down to 1.5 trillion in April.
Rahman wrote the post just before the passage of the Finance Bill 2016 in Parliament at noon.
Later, speaking to bdnews24.com, he said: “NBR officers have made history by mobilising Tk 1.55 trillion. That’s why I called it making impossible possible.”
The NBR chief was confident about reaching the target of Tk 2.03 trillion set for 2016-17 FY.
Asked how he had calculated the collection figure before the fiscal had even come to an end, he said, “It’s a probable figure. Estimated collection of the last several days (of the FY) has been added to the figure already calculated.”
“But I’m certain that the original amount won’t be less than what I’ve mentioned,” he added.
According to him, the highest amount – 556.65 billion – has come from VAT, which posted a 13.6 percent growth.
Income tax has contributed Tk 542.44 billion and import duty Tk 448.54 billion. The two slabs have achieved 12.18 percent and 17 percent growth respectively.
In the 2014-15 FY, the NBR collected Tk 1.36 trillion.
Rahman thanked Prime Minister Sheikh Hasina and Finance Minister AMA Muhith for their guidance and supervision and acknowledged the role of his colleagues, stakeholders and ministries and departments in the revenue collection.
Later, the NBR issued a media statement on the revenue mobilisation.
http://bdnews24.com/economy/2016/06...ection-exceeds-target-for-2015-16-fiscal-year
-------------------------------------------------------------------------------------------------------------------
Home >
Economy
Cut in tax at source for exports likely to be reduced
Abdur Rahim Harmachi, Chief Economics Correspondent, bdnews24.com
Published: 2016-06-29 10:28:05.0 BdST Updated: 2016-06-29 13:49:38.0 BdST
A Tk 3.4 trillion budget for the new financial year is about to be passed with a reduction in tax at source for readymade garment exports and other changes in the tax structure.
Besides, a cut in the tax at source for exporters of jute and jute products, leather and leather goods, packaged food, frozen food, and vegetables is also likely.
Finance minister AMA Muhith gave this indication to bdnews24.com with the budget for the 2016-17 financial year about to be passed in Parliament.
Each year, changes are made to the budget proposals in the light of suggestion made by MPs during debates before they are passed by the House.
When asked about the changes in the offing, Muhith told bdnews24.com: “There will be no major changes to my budget proposals this year. There will be some minor changes concerning taxes.”
Asked of a possible cut in the tax at source for readymade garment exports, Muhith said: “There is a strong demand for this; let us see.”
Muhith, happy with the budget debates in a House devoid of BNP representation, said: “There have been criticisms on some counts; there have been praises for others. Certain additions and alterations have been suggested.”
The finance bill on Wednesday and the main budget on Thursday would be passed by taking these into consideration, he added.
Muhith presented a Tk 3.4 trillion budget on Jun 2 for the 2016-17 financial year starting on Jul 1.
Senior ministers and MPs have already given their views on the proposals. There will be further discussion on Wednesday and Thursday.
The last word will come from Prime Minister and Leader of the House Sheikh Hasina.
The finance bill will be passed on Wednesday with the parliament session commencing at 10am. Sheikh Hasina, the head of the government, will speak before the bill is passed.
Next, the finance minister would deliver is closing address and place the finance bill for passing.
As per tradition, the prime minister requests the finance minister after he makes his closing remarks and before the finance bill is placed for passing to introduce amendments if any.
Muhith, who has presented his eighth budget in a row, faced sharp criticism from apex business body FBCCI.
Its president AM Ahmad said in a press conference: “We had made 447 suggestions after painstaking work. Of them, only 53 have been accepted or just about 10 percent.
“As the FBCC president I am ashamed of this.”
Moreover, forums of readymade garment manufacturers such as the BGMI, BTMA, BKME and other bodies connected with the trade have been demanding a cut in the tax at source for garment exports.
The budget proposed a 1.5 percent tax at source on garment export prices (FOB), but Muhith has stepped back in the face of a stiff opposition from manufacturers.
A member of the National Revenue Board had hinted that the tax might be reduced to 0.8 percent at the time of passing the finance bill.
The budget proposes a 1.5 tax at source for jute and jute products, leather and leather goods, packaged food, frozen food, and vegetables as well. But indications are that the rate might be brought down to one percent.
A proposal to reintroduce VAT on Hawaii slippers and plastic shoes worth up to Tk 120 may also be withdrawn.
VAT exemption on biscuits, cakes and bread priced Tk 100 per kg may continue, though the budged proposed the scrapping of such exemption.
Officials of National Board of Revenue hinted of revoking the decision to impose VAT on meditation services.
http://bdnews24.com/economy/2016/06/29/cut-in-tax-at-source-for-exports-likely-to-be-reduced
-------------------------------------------------------------------------------------------------------------------------
Home >
Economy
Japan to offer Bangladesh Tk 128 billion in loan for 6 projects
Staff Correspondent, bdnews24.com
Published: 2016-06-29 18:47:44.0 BdST Updated: 2016-06-29 18:47:44.0 BdST
Japan will offer Bangladesh Tk 128.19 billion in loan on soft conditions for six projects in different sectors. The projects include power, road communications and disaster management.
An agreement to this effect was signed between the Bangladesh government and Japan International Cooperation Agency (JICA) in Dhaka on Wednesday.
Japanese Ambassador Masato Watanabe said at the signing ceremony that it was the largest loan made available to Bangladesh by his country.
Bangladesh will receive the funds under Japan’s 37th loan package at 0.01 percent interest.
The repayment period has been fixed at 40 years.
The funds will be utilised in such projects as the Dhaka Mass Rapid Transit, Jamuna Rail Bridge, Cross-Border Road Network, Matarbarhi Coal Fired Power Plant, Energy Efficiency and Conservation Promotion Financing, and Disaster Risk Management Enhancement.
Economic Relations Division Additional Secretary Kazi Shofiqul Azam and JICA Bangladesh chief Mikio Hataeda signed the agreement.
