Parliament passes the Tk 5,23,190 crore national budget for 2019-20 fiscal themed as “Bangladesh on a Pathway to Prosperity: Time is Ours, Time for Bangladesh.”

The National Board of Revenue’s move to change the VAT and Supplementary Duty Act 2012 to offer input tax credit to cigarette

The National Board of Revenue expects to collect about Tk 11,000 crore more for imposition of VAT on various goods and services and increasing rates on many others, said its officials.

Textile millers demand an exemption of 5 per cent value added tax (VAT) on sale of local yarn to make the domestic yarn market more competitive.

Opposition lawmakers yesterday came down heavily on the government for its failure to ensure fair price of paddy and check money laundering, soaring loan defaults and black money.

The government’s move to implement the new VAT law without rebate facility for reduced rates will hurt consumers because of price spike of many goods and services, analysts say.

Gonoforum rejects the proposed national budget for 2019-20 fiscal terming it as frustrating and anti-people.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) urges the government to manage fund from other sources rather than banking channel to finance the deficit financing in 2019-20 fiscal.

Terming the proposed national budget “highly ambitious”, the BNP yesterday said the people of the country would not accept the budget as it would increase inequality.

The budgetary measures for fiscal 2019-20 will favour the beneficiaries of “economic misrule” and hurt the middle and lower mid-income groups, the Centre for Policy Dialogue said yesterday.

Transparency International Bangladesh (TIB) yesterday strongly condemned the proposed amnesty for black money in the budget for fiscal 2019-20 and termed it “unconstitutional, immoral and discriminatory”.

At a time when the government should be encouraging virtual businesses, Finance Minister AHM Mustafa Kamal has proposed 7.5 percent value-added tax on them in his budget for fiscal 2019-20, making their services dearer.

Leading business associations yesterday urged the government to ensure easy, hassle-free and business-friendly implementation of the new VAT law.

Amid growing popularity, online shopping is getting costlier soon for the proposed value added tax (VAT) imposed on it in the budget for fiscal 2019-20.

Rejaul Karim, a college teacher by profession, took a personal loan of Tk 6 lakh at 9.50 percent interest from a private commercial bank in 2015 to tackle some family emergencies.

Imported smartphones are scheduled to turn much costlier as the government has proposed increasing supplementary duty from 10 percent to 25 percent.

Gani Mia is a farmer with no land of his own. He grows paddy, jute and other crops in others’ fields. His story, though fictitious, is in school textbooks and etched in the minds of many. It stands true for a large number of the country’s farmers, especially the marginal ones.

Prime Minister Sheikh Hasina yesterday presented parts of the national budget as Finance Minister AHM Mustafa Kamal fell sick halfway through his speech.

In a push to widen the social safety net, the government decided to include all registered differently abled people, and more marginalised and vulnerable ones under its protection.

The government has resorted to deficit financing, largely through bank borrowing and sale of high-cost savings certificates, increasing the interest payment burden on its shoulders and fuelling inflation.