Joel Ahmed

মৌলভীবাজারে জঙ্গি আস্তানা: আটক ১০

https://www.tbsnews.net/economy/bangladeshs-trade-deficit-shrinks-48-fy23-676354 TBS Report 03 August, 2023, 04:55 pm Last modified: 03 August, 2023, 06:31 pm Bangladesh's trade deficit shrinks 48% in FY23 Bangladesh's trade deficit has decreased to -$17,155 million in fiscal year 2022-2023 – down from -$33,250 million in the previous fiscal year – due to the tightening of imports, according to data from the Bangladesh Bank. The country's imports went down by 15.76% to $69.49 billion in the year ending on 30 June, while exports rose by 6.28% to $52.34 billion, helping the country reduce its trade gap. According to the central bank data, the current account deficit of the country has decreased from $18.64 billion in the fiscal year 2021-22 to $3.33 billion in the last financial year. The current account deficit has improved due to the decrease in trade deficit. However, the country's financial account surplus was $15.46 billion in the previous financial year. The financial account deficit stood at $2.14 billion at the end of the 2022-23 fiscal year ending in June. In other words, the financial account is not very comfortable due to various reasons including the decline in foreign direct investment over the last one year. However, the financial account deficit has come down in June compared to last May. Central bank officials said trade balance, current account balance and financial account balance improved in June compared to last May. This trend is expected to continue in the new financial year as well. Earlier on 12 July, the opening of import letters of credit (LCs) saw a decrease in the last month of the just-ended fiscal year, which bankers said occurred due to various restrictions imposed by the central bank and the dollar crisis. According to the central bank data, import LCs worth $4.75 billion were opened in June, which was the lowest in June, and a 44% decrease in LC opening compared to the same month of FY22. Import LCs worth about $5.84 billion were opened in May and LCs worth $4.85 billion were opened last April, data shows. A total of $94.27 billion worth of LCs were opened in the fiscal year 2021-22, which dropped to $69.36 billion in the fiscal year 2022-23. That is, LC openings decreased by about $25 billion or 27% year-on-year. Bankers said it has become difficult for traders to open LCs to import goods due to various restrictions of the central bank. Traders are discouraged from opening LCs as there is a 100% margin on imports of certain products. However, a senior central bank official, wishing not to be named, told The Business Standard, "Money laundering through over-invoicing has been reduced due to increased vigilance in the opening of import LCs. As a result, the total LC amount also decreased." He also pointed out that total imported goods have not decreased much in FY23 compared to FY22.

https://thefinancialexpress.com.bd/economy/bangladesh/bangladeshs-joining-rcep-almost-certain Bangladesh’s joining RCEP almost certain Formal proposal on membership of the mega trade bloc by Sept likely REZAUL KARIM Published : Aug 02, 2023 05:54 AM Bangladesh has decided in principle to join emerging vast trade-bloc styled Regional Comprehensive Economic Partnership (RCEP) on hope of boosting exports to the member-countries, sources said. The Ministry of Commerce (MoC) is expected to send by September a formal proposal to the depository and temporary secretariat of the world's largest trade bloc at the ASEAN headquarters for the country's membership, they added. It has already completed necessary scrutiny and review in this regard based on commitments fulfilled by Vietnam, a member of the trade bloc. The decision to join the forum emerged from a workshop on the issue in Dhaka on Tuesday, with senior commerce secretary Tapan Kanti Ghosh in the chair. Participants in the workshop expressed their opinion in favour of signing a free-trade agreement (FTA) with the RCEP members with an eye to facing post-graduation challenges. They viewed that the commercial and strategic importance of Bangladesh will get a boost in regional and international environment if Bangladesh joins the bloc. Contacted, Additional Secretary (FTA) Noor Md. Mahbubul Haq said: "The participants are in favour of sending a formal proposal to join the bloc. However, we'll have to take some precautionary measures in this regard." He said the MOC would have to collect different information, including application format, before sending the formal proposal. A study conducted last year by Bangladesh Trade and Tariff Commission (BTTC) showed Bangladesh's trade with RCEP- member countries mostly concentrated on trade in goods. Bangladesh's export may grow 17 per cent and gross domestic product (GDP) 0.26 per cent if free-trade agreement is signed with the bloc members, it mentioned. The RCEP deal, which came into force in January 2022, is considered a high-quality, modern and comprehensive FTA beholding 10 member-states of the Association of Southeast Asian Nations (ASEAN) and its five FTA partners. The ASEAN members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, while its FTA partners are Australia, China, Japan, New Zealand and Korea. An outstanding feature of the RCEP is that it represents the world's largest FTA, comprising about 30 per cent of global GDP and about a third of the world population. The economic-cooperation forum, spanning Asia-Pacific realm that covers 2.3 billion people, accounts for US$ 25.8 trillion or about 30 per cent of global GDP. Also, it accounts for $12.7 trillion or over a quarter of global trade in goods and services, and 31 per cent of global foreign direct investment (FDI) inflows. In the fiscal year (FY) 2020-21, Bangladesh exported goods worth $3.9 billion and imported goods worth $24.5 billion. On the other hand, at the same time, the services export was $1.8 billion and import was worth $2.6 billion. Bangladesh enjoys preferential market access to many of the RCEP countries, either through preferential trade agreement (PTA) or through GSP facilities. After graduating from the least-developed country (LDC) status in 2026, the duty-free access will no longer be available except for reciprocal general preference under the Asia-Pacific Trade Agreement (APTA). In such a situation, sustaining the consistent progress achieved by Bangladesh in bilateral export trade with some of the RCEP countries as well as availing the opportunity to some potential destinations in RCEP will be a real challenge. The study says RCEP includes some of the major export destinations as well as major import sources of Bangladesh. "Considering the bilateral-trade scenario, RCEP remains more as an important partner from the Bangladesh perspective." Import from RCEP contributes around 43.92 per cent of the total global imports by Bangladesh, 55.33 per cent of the total tax- revenue and 58.56 per cent of total revenue from customs duty collected under home consumption, as of FY 2020-21. Thus, the probable accession of Bangladesh to RCEP may, however, have a negative impact on revenue generation from customs duty. Since some major import sources of Bangladesh like China, Japan, Thailand, South Korea, Indonesia, Malaysia and Australia are involved with RCEP, there is a threat of losing a certain amount of revenue from these countries. More than 68 per cent of total merchandise exports to RCEP are under apparel-product category. Top twenty export items to RCEP mostly consist of apparel products and these twenty products constitute 64 per cent of total exportable. The study found that the average most-favoured nation (MFN) tariffs for Bangladesh have been comparatively higher than that of the RCEP members. It says the probable increase in import along with a comparatively protective regime of Bangladesh estimated a probable high revenue loss for Bangladesh compared to that of the RCEP. "However, as estimated trade creation would likely be higher than the trade-diversion effect for Bangladesh, it may generate additional revenue from other duties and charges, if not reduced due to a possible accession in RCEP," the study mentions. The Trade and Tariff Commission recommends that the government may express its positive stand regarding the accession of Bangladesh to RCEP through weighing all the pros and cons. In that case, domestic rules and regulations may need to be changed in some cases, if a situation arises. An expert says the country needs to be creative due to the signing of FTAs. "Tariff policy and education-sector policy reforms are needed immediately," he points out and says capable human resources need to be groomed. The RCEP negotiations were formally launched during the 2012 ASEAN Summit in Cambodia. India withdrew from the agreement in November 2019 despite participation from the beginning of negotiations. Contacted for an analytical view, Distinguished Fellow of the Centre for Policy Dialogue (CPD) Prof Mustafizur Rahman said obviously it would be a great opportunity for Bangladesh if it joins the RCEP bloc. After availing membership, Bangladesh will get preferential market facility from the member-states. "Bangladesh will have to be prepared for opening its market to the RCEP-member countries in return for getting such preferential market facility from them," he says. The economist believes capacity building is very important. "Different necessary moves have to be taken for strengthening supply side and product quality in domestic entrepreneurs/institutions and foreign-investor levels." Mr. Rahman also suggests for the government to take multiple tasks for export diversification if it wants more earnings from the regional bloc. The workshop decided that the government take initiatives for strengthening capacity building of different agencies, an official said.

https://www.thedailystar.net/business/economy/news/danish-firms-propose-13b-investment-wind-energy-3367656 Star Business Report Thu Jul 13, 2023 12:00 AM Last update on: Thu Jul 13, 2023 06:28 PM Danish firms propose $1.3b investment in wind energy Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP) made the proposal Two Danish companies -- Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP) -- have submitted a $1.3 billion investment proposal to the government of Bangladesh to produce 500 megawatts of offshore wind energy. With the investments, CIP and COP, the global leaders in renewable energy, proposed to develop a commercial, utility-scale offshore wind project off the coast of the Bay of Bengal, COP said in a press release. As Denmark is the pioneer and global leader in wind energy, this initial investment proposal and continued collaboration could be a key driver of Bangladesh's progression into a green nation, it said. The proposal has been placed in accordance with the Mujib Climate Prosperity Plan. CIP and COP have also proposed Summit Group, an infrastructure operator and developer in South Asia and an independent power producer in Bangladesh, to join its consortium. The offshore wind project, in particular, presents a unique opportunity for the country to maximise the utilisation of its coastal resources, supporting the development of the Blue Economy. The proposal comes at a time when Bangladesh remains heavily reliant on fossil fuel imports to meet its growing energy demand. As a highly climate-vulnerable nation, Bangladesh's annual gross domestic product could fall by as much as 9 per cent by the middle of the century due to climate change, according to the World Bank. Bangladesh, therefore, needs to adapt rapidly to climate change, while simultaneously accessing cleaner, more efficient technologies that support decades of development and growth, the press release said. "The country needs to shift away from unstable fossil fuel imports and limit emissions as the country aims to achieve high-income status and eliminate absolute poverty by 2041." With the Institute for Energy Economics and Financial Analysis projecting an annual need of $1.7 billion in funding for the green transition, perhaps this multibillion-dollar proposal from CIP and COP could also kick start a new wave of investment, driving Bangladesh towards a truly climate prosperous future. In June, Bangladesh and Denmark approved a "Joint Action Plan" for the next five years under the "2022 Sustainable and Green Framework Engagement". During a recent Dhaka visit by Dan Jørgensen, the Danish minister for development cooperation and global climate policy, agreed to a partnership in green and clean technologies and investment for sustainable development. While both sides have recognised the importance of improving the ease of doing business in Bangladesh for more Danish investment, Denmark further expressed its interest in supporting renewable energy, maritime, and blue economy sectors, among others. Once implemented, the offshore wind project will be the first of its kind in Bangladesh – and possibly South Asia, COP said.

https://www.tbsnews.net/bangladesh/infrastructure/tk800-crore-earned-toll-collection-padma-bridge-one-year-bridge-authority TBS Report 25 June, 2023, 11:25 am Last modified: 25 June, 2023, 02:14 pm Tk800 crore earned in toll collection from Padma Bridge in one year: Bridge authority Around Tk800 crore was earned in toll collection from the Padma Multipurpose Bridge in the one year since its inauguration, said the bridge authority. "In the first year, Padma Bridge's daily toll collection was more than Tk2.10 core. At the end of the year, a total of Tk7,982,396,650 crores had been collected in tolls," Padma Bridge Site Office Additional Director Md Amirul Haider Chowdhury told The Business Standard. However, as Bangladesh Army and SSF pay the total toll for their transport crossings together every month, their tolls will be available at the end of the month. According to the related sources, the toll amount will increase slightly. The bridge authority said around 57lakh vehicles travelled through the Padma Bridge since its inauguration on 25 June of last year. They said the number will increase at a rate of at least 4% every year. An analysis of the data of the bridge department shows that an average of more than 15,000 vehicles have crossed every day. The government has undertaken dozens of projects to improve road connectivity with the Dhaka-Mawa-Bhanga Elevated Expressway to ensure ease of travel to the remaining destinations by crossing the Padma Bridge. Under these projects, new roads and bridges are being constructed besides widening the existing roads. Some of these projects have been completed while some are awaiting approval. Sources in the Ministry of Road Transport and Bridges said that the cost of the three ongoing projects of the ministry to improve connectivity with the Padma Bridge has been estimated at Tk69,416 crore. If the ongoing projects are added, the government is spending at least Tk1.5 lakh crores for the development of Padma Bridge's connectivity. According to Planning Commission sources, the Road Transport and Highways Department has sent two separate project proposals at a cost of Tk18,078 crore to upgrade the 129km road from Bhanga to Benapole in Jashore to six lanes on the model of the expressway from Dhaka to Bhanga via Padma Bridge. A meeting of the Project Evaluation Committee (PEC) was also held in the Planning Commission on the proposed expenditure of Tk4,237 crore for land acquisition of the road. Commission officials said the proposal may be presented to Executive Committee of the National Economic Council (Ecnec) for final approval in a few days. The road department says that the Bhanga-Jashore-Benapole road is part of the Asian Highway. At its end, 90% of the total import trade with the country is handled through India's Petropole port. This road is also used to travel to Mongla seaport. If this road is upgraded to six lanes, trade and commerce with India will increase by 15-20%. Apart from this, this road will also increase India's goods transportation facilities from India via Tamabil Port via Sylhet-Dhaka-Padma Bridge-Jashore-Benapole. According to sources in the Bridge Department, the process of implementing the Dhaka East-West Elevated Expressway project at a cost of $2.05 billion is underway to improve the transport system from Hemayetpur in Savar to Madanpur in Narayanganj at a cost of Tk22,124 crore. Through this bridge, which is an important part of the Asian Highway, the transport going to Benapole Land Port can travel via Padma Bridge via Kalna instead of Daulatdia-Paturia.

https://www.youtube.com/watch?v=cPrKCEzaBls

https://today.thefinancialexpress.com.bd/first-page/much-debated-tk-2000-min-tax-being-ditched-finally-1686852472 Much-debated Tk 2000 min. tax being ditched finally To be adjusted against tax at source during return filing DOULOT AKTER MALA | June 16, 2023 00:00:00 The much-debated Tk 2000 minimum tax for all to be eligible for a raft of government services is eventually up to be ditched in final cobbling of new fiscal measures, sources said. Instead, the amount would be adjusted against tax at source during return filing as citizens already pay taxes at source. Official sources said the proposed provision would not be brought in the new income-tax law following widespread controversy provoked by the budget proposal. The government has decided not to impose Tk 2000 as minimum tax on people not having taxable income by "honouring opinion of cross-sections of people", they added. The finance minister proposed the new measure while placing the national budget for fiscal year 2023-24 in parliament on June 1, 2023. The provision has been incorporated into the Income Tax Bill 2023, placed in the parliament on June 8. The Parliamentary Standing Committee on the Ministry of Finance submitted amendments to the draft Income Tax Bill 2023 on Thursday to the parliament with recommendation for the National Board of Revenue (NBR) to scrap the provision. While unveiling an over Tk 7.61-trillion proposed national budget for the upcoming fiscal, Finance Minister AHM Mustafa Kamal said, "I propose to make the minimum tax two thousand taka among competent people who are below taxable income but have the obligation to submit income-tax returns to take service from the government with a view to circulating this participation in government welfare work." With the imposition of tax, people having income below the tax-free threshold would have to pay the tax mandatorily. Currently, some 3.2 million taxpayers submit tax returns out of 8.7 million taxpayer-identification number (TIN)-holders. However, most of the taxpayers submitting tax return to obtain different services showing proof of submission of return are paying tax at source. Tax experts have said the amount of tax at source would be adjusted with the payable taxes of the taxpayers. As per conditions, tax at source paid by taxpayers against the services usually goes beyond the Tk 2000 limit. Chairman of the Taxation committee and former president of the Institute of Chartered Accountants Bangladesh (ICAB) Md Humayun Kabir says Tk 2000 as minimum tax is not a new measure or not necessarily has to be paid additionally. People who are obtaining 38 services, for which submission of tax return is mandatory, are already paying source tax or Tax Deducted At Source (TDS), he mentions. "That means all of the mentioned services, under 184A, are subject to TDS and if the TDS is equal or higher than Tk 2000, they will not need to pay further tax," he says in clearing the mist the measure cloaked in. For Tk 0.5 million worth of government savings certificate, where TDS is 5.0 per cent and tax on interest rate is at least 10 per cent, his/ her TDS would be at least Tk 2500, he added about the arithmetic of taxing. "None of the services mentioned in 184A is under TDS for less than Tk 2000. Introducing this will bring transparency and accountability both to tax payers and tax authorities, increase return submission and thereby expand tax net." "Is it not justifiable to levy Tk 2000 when tax department has to spend time and incur expenditures to scrutinize an assesee having bank deposit over Tk 1.0 million, got a registered car or submitting a plan (meaning she has land to build a house) etc?" He questioned. Currently, people having annual income up to Tk 0.3 million are exempt from payment of income tax. In the proposed budget, the government has increased the threshold to Tk 350,000. A report of the Parliamentary Standing Committee on the Ministry of Finance has placed a set of recommendations, including exempting the bank depositors having up to Tk 1.0 million deposits (credit balance) from mandatory submission of tax returns. Instead the committee has proposed making return submission mandatory for the bank depositors having term or fixed deposits in the bank of the said amount. Official sources have said many of the banks are asking depositors to submit proof of submission of tax returns irrespective of their deposited amount despite having a ceiling for this. "The amendments have been proposed to facilitate country's financial inclusion and encourage people on formal and recorded transaction," the vetting report says. The committee placed its report to parliament on Thursday proposing the amendments to the Finance Bill 2023. According to the proposed budget, salaried persons having two-thirds of the total income or Tk 450,000, whichever is less, would be considered taxable. The committee, headed by Abul Hassan Mahmood Ali, also proposed considering one-third of the income of the salaried person or Tk 450,000, whichever is less, as taxable income. The changes have been recommended after the parliamentary committee found people having Tk 66,000 monthly income may be excluded from the tax net. According to the recommendation, companies, firms, association of persons and funds having up to Tk 30 million in turnover have to submit audited financial statements, which was Tk 20 million in the proposed budget. Confusions on tax rebate for savings certificates and debenture have been cleared in the report by interpolating two words in the government securities. Also, the committee has proposed scrapping the provisions of proposed Finance Bill on mandatory submission of wealth statement at the time of overseas travel. It also proposed raising special tax amount for showing undisclosed income in apartment. The parliamentary standing committee on finance also recommend scrapping a provision under 167 of the bill for submission of tax return by a person after his foreign trip for personal purposes. Furthermore, the committee recommended raising the special tax rate against investment in 200-square-meter flats or buildings in Gulshan Banani, Baridhara, Motijheel and Dilkusha commercial area to Tk 6000 per square meter from the previous Tk 5000. [email protected]

https://www.tbsnews.net/economy/universal-pension-july-monthly-contribution-tk500-5000-648746 Abul Kashem & Shaikh Abdullah 12 June, 2023, 11:10 pm Last modified: 13 June, 2023, 03:29 pm Universal pension from July, monthly contribution Tk500-5000 Abul Kashem & Shaikh Abdullah 12 June, 2023, 11:10 pm Last modified: 13 June, 2023, 03:29 pm The government is set to launch the universal pension scheme nationwide in July, with individual contributions ranging from a minimum of Tk500 to a maximum of Tk5,000 per month. Individuals aged above 50 will also be able to join the scheme, but to be eligible for the pension, they will need to make contributions for 10 years, according to finance ministry officials. The scheme will initially target four categories – private sector employees, non-resident Bangladeshis, individuals from the informal sector, and insolvent individuals. According to the officials, individuals living below the poverty line will be classified as insolvent and the finance ministry is currently analysing the methods for identifying them. Government beneficiaries who are very poor may also be included in this category. And their monthly contribution is likely to be set at Tk500. Individuals from various professions, such as rickshaw pullers, domestic workers, street vendors, and hawkers, will be included in the informal sector. The contribution for non-resident Bangladeshis and individuals from the informal sector will range from a minimum of Tk500 to a maximum of Tk5,000 per month. The monthly contribution for private sector employees is likely to be set from a minimum of Tk1,000 to a maximum of Tk5,000. The government will contribute 50% to the monthly deposits of the insolvent individuals and will have no contribution towards the rest. Pension scheme-holders will receive interest from the government against their contribution. Although the rate of interest has not yet been finalised, officials said the rate would be higher than that for bank deposits but slightly lower than the prevailing interest rate on savings certificates. Finance ministry officials said the ministry is working on setting the interest rate. Also, it is being reviewed separately with chartered accounting firms. They said the interest rate would be finalised very soon. The scheme covers individuals aged 18-50 years and above. The relevant law excluded people over 50, but later they were brought under the scheme with conditions by formulating rules. According to the rules, individuals above 50 years will not receive pension benefits from the age of 60 like others. Instead, they will begin receiving a lifetime pension after contributing for 10 years. In other words, if someone joins the scheme at the age of 60, they will start receiving pension benefits at the age of 70 after making 10 years of contributions. The officials said preparations are underway to launch the scheme on the first day of the new fiscal year. Prime Minister Sheikh Hasina will inaugurate the universal pension, and the finance ministry has already requested her schedule for this. Once she confirms the timing, the universal pension scheme will be officially launched nationwide. Finance ministry officials said this comprehensive pension scheme aims at providing financial security to a wide range of people, promoting social welfare, and ensuring economic stability. "There is no piloting of the universal pension; it will start in full swing across the country from the day the prime minister inaugurates it. The premier will announce its launch by including two to three insolvent individuals and some people for other products in the inauguration ceremony by incorporating them into the scheme," said an official involved in the process. About bringing people above 50 years under the scheme, a finance ministry official said, "Recommendations to include senior citizens keep coming from various levels. In view of that, provisions are being made to include those over 50 years of age in the universal pension rules. However, the senior citizens will get pension benefits after contributing for 10 years." Those who will be included in the universal pension will initially only deposit the contribution in the state-owned Sonali Bank. For this reason, the pension authority, Finance Division, and Sonali Bank have finalised the preparation of signing a memorandum of understanding this month. Later, other banks will join this system. In the beginning, strong efforts will be made by the government to increase the inclusion of expatriates in the universal pension scheme. The finance ministry hopes that the ongoing dollar crisis will ease if expatriates contribute foreign currency from abroad. In the other three products, participants will contribute Bangladeshi currency, which the government will invest in profitable projects. The officials expect that the government's dependence on bank loans will be greatly reduced in the coming years. They said the government will only receive money for universal pension contributions for the first 10 years and will not have to pay any money for this period. After 10 years, the money will start to be spent on pensions. Ahsan H Mansoor, executive director of the Policy Research Institute, told The Business Standard, "The government will definitely have an opportunity to use money easily if the universal pension scheme is introduced. Because this scheme has the potential to accumulate a lot of money. "But that won't happen in a year or two. It will take three to five years for the scheme to take shape. Once this scheme is started, the accumulated money should be invested for the long term. In that case, government bonds can be one of the means of investment." The economist said the government can take the money through bonds to carry out various development activities. But it also has its risks. For this, it is necessary to set up the institution at the beginning, make strict rules and regulations. So that there is no misuse or wastage of the money deposited in the pension fund. Md Habibur Rahman, chief economist of the Bangladesh Bank, told TBS, "A large amount of money will be deposited in the universal pension scheme at one time. The government can borrow from there. It will make the investment of pension funds easier, as well as the demand for government loans from the banking system will decrease." He said, once the government wanted to borrow from savings instruments, people bought savings tools much more than that. As a result, the government borrows less from the banking system. Universal pension funds will have a positive impact on development activities and currency markets, he added. Finance ministry officials said that universal pension products have been developed for government employees and those working in autonomous institutions. The government is not launching these two products for now. Because government employees are currently getting pensions from the government, and the officers and employees of autonomous institutions and state-owned companies are getting gratuities and other benefits, Finance Division officials said the universal pension is being introduced in such a way that even after joining, citizens can change the product or scheme if they want to. That is, after an expatriate joins by subscribing at the rate of Tk500, they can increase the subscription rate if they are interested later, and they can switch to private sector or informal sector products once they return home. And individuals joining the scheme under the insolvent category can switch from both products and contributions once their financial condition improves. The officials said during the inauguration of the universal pension in July, the finance ministry will announce when the two products will be introduced for the government employees and the employees of autonomous institutions and state-owned companies. From that time on, those who enter government service or take jobs in autonomous or state-owned companies, will not be given pension benefits from the government. Those who joined the service since then will be included in the scheme like others and will receive pensions under the universal pension scheme. Asked from which year the government employees will be included in the universal pension scheme, the officials did not give specific information. They said it will be finalised as per instructions from the highest levels of government. However, it may be fixed in 2031 or thereabouts. The Ministry of Finance will appoint the authority chairman before next July for the smooth management of the universal pension programme. If it is not possible to appoint a chairman within this period, then an additional secretary of the finance ministry will act as acting chairman. The Universal Pension Authority will sign memoranda of understanding (MoU) with various state agencies to introduce universal pension. The draft of the MoU has already been finalised. A committee headed by an additional secretary from the finance ministry has been set up to sign these MoUs and speed up the functioning of the pension authority. The Finance Division and the Pension Authority will also sign a MoU with the Bangladesh Bank to ensure timely deposit of pension contributions deposited in the bank into the government treasury. Besides, an MoU will also be signed with the Election Commission and the Birth and Death Registration Authority. Citizens' information is stored in these two organisations. This MoU will be done to facilitate verification of various information, including age. Besides, the Finance Division is preparing to sign a memorandum of understanding with the passport department so that expatriates can easily be included in this pension scheme.

https://www.tbsnews.net/nbr/end-zero-tax-635786 Jasim Uddin & Reyad Hossain 21 May, 2023, 10:25 pm Last modified: 22 May, 2023, 12:19 pm End of zero tax! Govt considers a minimum Tk2,000 tax on individuals even with no taxable income The government is considering a minimum Tk2,000 tax on individuals who will file tax returns even if they do not have taxable income. But, analysts argue that such a move would burden low-income people and contradict the concept of tax-free income thresholds. According to finance ministry officials involved in the process, the budget proposals for the fiscal year 2023-24 are expected to incorporate the new rule regarding the minimum tax and the provision for deregistering from TIN in the event of death or no income. Officials said there is a possibility that the minimum tax could be gradually imposed on all TIN holders. Currently, there are around 86 lakh individual TIN holders, but only 32 lakh of them submit tax returns, indicating that they declare their income, expenses, and pay taxes accordingly. Among the individuals who submit tax returns, approximately eight lakh do not have taxable income. If these eight lakh individuals are made to pay the minimum tax of Tk2,000, the government will generate an additional revenue of Tk160 crore. If the minimum tax rule is applied to all TIN holders, it would be imposed on 62 lakh individuals (86 lakh minus 24 lakh), resulting in an additional revenue generation of Tk1,240 crore. Officials said the National Board of Revenue (NBR) intends to make tax return submission mandatory for individuals seeking both public and private services in an effort to encourage tax compliance. Last year, the NBR made tax return submission mandatory for 38 different services, including obtaining loans exceeding Tk5 lakh, trade licences in city corporations, and export-import permissions. The proposals were recently discussed at a meeting chaired by Finance Minister AHM Mustafa Kamal and subsequently presented to Prime Minister Sheikh Hasina for approval last week. Currently, the proposals are undergoing a thorough legal review by the law ministry before being incorporated into the upcoming budget. The budget is scheduled to be presented in the parliament on 1 June. Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, opposed the government's move to impose minimum tax as low-income people will be in trouble. "If there is no taxable income, there will be no tax and there is nothing wrong in it," said Mansur, also a former senior official of the IMF. Muhammad Abdul Mazid, a former chairman of the NBR, said the decision, if implemented, would increase administrative complexity. According to NBR officials, the government is going to take this decision aiming at more tax collection to improve the tax-GDP ratio, which stands at below 8%, as per the suggestion of the IMF. According to a senior official of the finance ministry who spoke on condition of anonymity to TBS that this minimum tax may not affect individuals as a cup of tea currently costs Tk6-7. People may sacrifice a cup of tea daily for the sake of the country, he added. He further said the minimum tax Tk2,000 will not be a big amount for taxpayers to prove their return submission, considering the services given by the tax officials. Tax-free income limit may expand The government may also increase the tax-free income threshold to Tk 3,50,000 from Tk300,000 considering the current inflation situation. If the income exceeds the prescribed limit of individual taxpayers, they will have to pay income tax at the prescribed rates. Over the last ten fiscal years, the tax-free income limit has gradually increased from Tk220,000 in FY14-15 to Tk2,50,000 in FY16 and Tk3,00,000 in FY21. The NBR did not increase the tax-free income limit in the last two years despite demands from various businessmen, economists, and social organisations. At present, the annual income of a male individual taxpayer is Tk3 lakh, Tk3.5 lakh for female or taxpayers above 65 years of age, Tk4.5 lakh for disabled taxpayers, and Tk4.75 lakh for war-wounded freedom fighters. Currently, if the income is below this limit, a taxpayer could submit a return showing zero income only and, in this case, no tax would have to be paid. Even if the income is Tk1 more than the tax-free ceiling, a taxpayer has to pay a minimum income tax depending on the areas they live in. The minimum tax rate for taxpayers registered in Dhaka North and South and Chattogram City Corporation areas is Tk5,000. The minimum tax rate for taxpayers located in other city corporation areas is Tk4,000. And the minimum tax rate for taxpayers located outside city corporation areas is Tk3,000. If one submits a return showing zero income in the next budget, one will have to pay a minimum tax of Tk2,000 to get proof of tax return submission. Snehasish Barua, a tax consultant, said if a person has to pay tax despite not having taxable income, it goes against the spirit of "no income, no tax". Major services require proof of tax return submission Currently, 38 services require proof of tax return submission, which include taking a loan of more than Tk5 lakh from a bank or financial institution, being a company director or shareholder, obtaining an Import-Export Registration Certificate, obtaining a trade licence from a city corporation or municipality, registering cooperative societies, being a surveyor for insurance companies, deeding land or flat worth more than Tk10 lakh, applying for credit cards, becoming a member of professional bodies, obtaining licences such as drug licence, fire licence, environmental clearance, BSTI licence, and clearance, applying for gas-electricity connection, enrolling children in English medium schools, taking distributorship of a company, applying for an arms licence, opening a LC in a bank, purchasing savings papers above Tk5 lakh, participating in elections, government employees with a salary of Tk16,000 or more, MPO teachers receiving a salary of more than Tk16,000, submission of the bill of entry for import-export goods. Why minimum tax? The reasons for implementing minimum tax provisions vary, but they generally aim to achieve fairness in the tax system and prevent high-income individuals or corporations from exploiting loopholes to avoid paying a significant amount of taxes. By setting a minimum tax, these provisions ensure that even after taking advantage of deductions, exemptions, and credits, taxpayers still contribute a minimum share of their income or assets towards taxation. The other countries with minimum tax provision Here are a few examples of minimum tax provisions in different countries: The USA has a minimum tax provision known as the Alternative Minimum Tax (AMT). It was designed to ensure that high-income individuals, corporations, and estates pay a minimum amount of tax, regardless of deductions or credits. The AMT primarily targeted taxpayers who have a high level of income but use various deductions and credits to significantly reduce their regular tax liability. In Canada, there is a minimum tax provision called the "Minimum Tax on Large Corporations." It applies to Canadian-controlled private corporations (CCPCs) that have taxable capital employed in Canada above a certain threshold. The minimum tax ensures that large corporations with significant taxable capital pay a minimum amount of tax. It is also present in Bangladesh as a company has to pay 0.6% tax on its turnover even after making losses. Germany has a minimum tax provision known as the "Minimum Tax on Capital." It applies to corporations and partnerships with limited liability that have a certain level of equity capital. The purpose of this tax is to prevent profit shifting and tax avoidance strategies by imposing a minimum tax based on the equity capital of the company. France introduced a minimum tax provision called the "Minimum Tax on High Income" until 2017. It applied to individuals with a high net worth and aimed to ensure that wealthy individuals paid a minimum amount of tax regardless of deductions or exemptions. However, the ISF was replaced by the "Wealth Tax on Real Estate" in 2018, which focuses specifically on taxing real estate assets. Argentina implemented a minimum tax provision called the "Minimum Presumed Income" that applies to individuals who have a certain level of assets. It establishes a minimum taxable income based on the value of their assets, regardless of their actual income. Individuals are required to pay taxes based on this presumed minimum income, ensuring they contribute a minimum amount of tax. In India, the income tax system is primarily based on progressive tax rates like in Bangladesh, where individuals are taxed based on their income slabs, and various deductions and exemptions are available to reduce their taxable income. There is no minimum tax system in India. Provision to be made to deregister TIN The government is set to introduce a new provision for the deregistration of TIN for the first time. Currently, there is no way to release a deceased taxpayer from the obligation of tax return submission, as stated by officials from the NBR. However, a senior NBR official, seeking anonymity, revealed that under the new provision, taxpayers will have the opportunity to apply for the de-registration of their TINs by providing valid reasons to the tax authority. The official further emphasised that there is a significant disparity between the number of TIN holders and actual tax return submissions. The implementation of this provision will assist in determining the accurate count of taxpayers and active TIN holders. The provision will be included in the upcoming income tax law (Bangla version), which will be presented before parliament on 1 June 2023, along with the new budget. Former NBR chairman Muhammad Abdul Mazid highlighted the existing gray areas concerning the payment of taxes. He stated that the new provision will offer a way out by requiring beneficiaries or successors to provide valid proof of the deceased taxpayer's death. Upon verification, the tax authority will proceed with the de-registration of TINs, relieving the individual from the tax obligations. To illustrate, consider the case of a housewife who possesses a savings certificate worth Tk5 lakh but does not have any taxable income. Two years ago, she acquired a savings certificate using a TIN certificate. However, starting this fiscal year, submission of the tax return has become mandatory instead of a TIN certificate. Alternatively, there is a provision for a 15% tax deduction at source on the interest income of the savings certificate. If the housewife submits a copy of her tax return, the tax rate will be reduced to 10% at source. To avoid an additional 5% tax deduction at source and provide evidence of tax return submission, the housewife will be required to pay Tk2,000 as the minimum tax from the next fiscal year.

প্রতি ঘনফুট বিক্রি হবে ৪৭ টাকা ৬০ পয়সায় || #Bhola Gas

প্রতিদিন ২ কোটি ঘনফুট গ্যাস উত্তোলন করা যাবে

https://www.tbsnews.net/bangla/অর্থনীতি/news-details-147786 জসীম উদ্দীন 11 May, 2023, 11:15 pm Last modified: 11 May, 2023, 11:26 pm একাধিক গাড়ি থাকলে দ্বিতীয় গাড়ির জন্য কার্বন কর আসছে কার্বন করের পরিমাণ নির্ধারণ করা হবে সর্বোচ্চ ইঞ্জিন সক্ষমতার গাড়ির ভিত্তিতে। অর্থাৎ একাধিক গাড়ি থাকলে যে গাড়ির সিসি ক্ষমতা বেশি হবে সেটির ওপর কার্বন কর ধার্য করা হবে। কার্বন নিঃসরণ হ্রাস, শহরের যানজট সমস্যার নিরসন এবং গণপরিবহনের ব্যবহার বাড়ানোর লক্ষ্যে আগামী অর্থবছর থেকে প্রথমবারের মতো কার্বন কর চালু করতে পারে সরকার। অর্থ মন্ত্রণালয়ের কর্মকর্তাদের তথ্যানুসারে, একাধিক গাড়ি আছে এমন করদাতাদের দ্বিতীয় গাড়ির রেজিস্ট্রেশন ও নবায়নের সময় ২৫ হাজার টাকা থেকে ২ লাখ টাকা পর্যন্ত বাড়তি কর দিতে হবে। কার্বন করের পরিমাণ নির্ধারণ করা হবে সর্বোচ্চ ইঞ্জিন সক্ষমতার গাড়ির ভিত্তিতে। অর্থাৎ একাধিক গাড়ি থাকলে যে গাড়ির সিসি ক্ষমতা বেশি হবে সেটির ওপর কার্বন কর ধার্য করা হবে। অর্থমন্ত্রী আ হ ম মুস্তফা কামালের সভাপতিত্বে অনুষ্ঠিত সাম্প্রতিক এক সভায় এই প্রস্তাবগুলো নিয়ে আলোচনা হয়। ১৪ মে প্রস্তাবগুলো অনুমোদনের জন্য প্রধানমন্ত্রী শেখ হাসিনার সামনে উপস্থাপন করা হবে। কর্মকর্তারা বলেন, ২০২৩-৩৪ অর্থবছরের বাজেটে কার্বন করের প্রস্তাব উত্থাপন করার পরিকল্পনা করছে সরকার। বিশেষজ্ঞ ও অর্থনীতিবিদরা মনে করছেন, উদ্যোগটি ভালো। তবে এই করের মাধ্যমে রাজস্ব আয় করার চাইতে পরিবেশের সমস্যাকে অগ্রাধিকার দেওয়া উচিত। তা না হলে এটি আরেক ধরনের সম্পদ করই হবে। দ্য বিজনেস স্ট্যান্ডার্ডের সঙ্গে আলাপকালে বাংলাদেশ পরিবেশ আইনজীবী সমিতির (বেলা) গবেষণা আইনজীবী বারিশ হাসান চৌধুরী বলেন, 'কার্বন কর চমৎকার উদ্যোগ। তবে আমাদের মনে রাখতে হবে, এটি পরিবেশ নীতি এবং কর নীতি দুটো হিসেবেই কাজ করে।' ফ্রেন্ডস অভ দি আর্থ এশিয়া প্যাসিফিক-এর রিজিয়োনাল ফ্যাসিলিটেটর বারিশ বলেন, আমাদের সতর্কত থাকতে হবে, যাতে উপযুক্ত মানুষদের করজালের আওতায় আনা যায়। এ করের প্রকৃত উদ্দেশ্য যদি কার্বন নিঃসরণ ও যানবাহনের ব্যবহার কমানো হয়, তাহলে এটি সেভাবেই আরোপ করতে হবে। পলিসি রিসার্চ ইনস্টিটিউটের গবেষণা পরিচালক মোহাম্মদ এ রাজ্জাক বলেন, পূর্ব ঘোষণা ছাড়া বা অল্প সময়ের নোটিশে কার্বন কর আরোপ করা যুক্তিসংগত হবে না। 'সরকার যদি কার্বন কর আরোপ করতে চায়, তাহবে তার আগে একটা নীতিমালা তৈরি এবং জনগণকে সতর্ক করতে হবে,' বলেন তিনি। কিন্তু কার্বন নিঃসরণ কমানোর চাইতে রাজস্ব আদায়ের দিকে সরকারের ঝোঁক বেশি মনে হচ্ছে বলে মন্তব্য করেন রাজ্জাক। এ সময় তিনি যুক্তরাজ্যের উদাহরণ দিয়ে বলেন, দেশটি তার জনগণকে সতর্ক করেছে দিয়ে বলেছে যে ২০৩০ সালের পর থেকে ডিজেলচালিত গাড়ির ওপর তারা কর আরোপ করবে। চলতি অর্থবছরে সরকার মোটর গাড়ির সম্পূরক শুল্ক বৃদ্ধি করেছে। ২০০১ সিসি থেকে ৩০০০ সিসির গাড়ি আমদানিতে সম্পূরক শুল্ক ২০০ শতাংশ থেকে বাড়িয়ে ২৫০ শতাংশ করা হয়েছে এবং ৩০০১ সিসি থেকে ৪০০০ সিসির গাড়ির সম্পূরক শুল্ক ৩৫০ শতাংশ থেকে বাড়িয়ে ৫০০ শতাংশ নির্ধারণ করা হয়েছে। ২০২০-২১ অর্থবছরে সরকার কার বা মাইক্রোবাসের ওপর কর ৫০ শতাংশ থেকে বাড়িয়ে ৬৭ শতাংশ করে। এর ফলে ১৫০০সসি পর্যন্ত ইঞ্জিন ক্ষমতার গাড়ির মালিককে বার্ষিক ২৫ হাজার টাকা কর দিতে হয়, যা আগে ছিল ১৫ হাজার টাকা। ৩৫০০ সিসির বেশি ইঞ্জিন ক্ষমতার গাড়ির রেজিস্ট্রেশন বা নবায়নের সময় ২ লাখ টাকা দিতে হবে, যা আগে ছিল ১ লাখ ৫০ হাজার টাকা। এছাড়া আয়কর আইন অনুসারে, মালিকের কাছে দুই বা ততোধিক মোটরগাড়ি থাকলে প্রত্যেক বাড়তি মোটরগাড়ির জন্য করের হার ৫০ শতাংশ বাড়বে। বর্তমানে অনেক দেশই মোটর যানবাহন ক্রয় বা ব্যবহারের ওপর তাদের করের ক্ষেত্রে কার্বন-ডাই-অক্সাইড সংক্রান্ত নানা ধরনের কর আরোপ করছে। অনেক দেশে করের পরিমাণ নির্ভর করে যানবাহনের জ্বালানি সাশ্রয়ের ওপর—যা কার্বন-ডাই-অক্সাইড নিঃসরণের সঙ্গে নিবিড়ভাবে সম্পৃক্ত। 'ইনসেনটিভস ফর কার্বন-ডাই-অক্সাইড এমিশন রিডাকশনস ইন কারেন্ট মোটর ভেহিকল ট্যাক্সেস' শীর্ষক এক প্রতিবেদনে উঠে এসেছে, মোটরগাড়ি থেকে কার্বন-ডাই-অক্সাইড নিঃসরণ হ্রাসের জন্য যে প্রণোদনা দেওয়া হয় তা অর্থনীতির অন্যান্য খাতে দেওয়া নিঃসরণ হ্রাস প্রণোদনার চেয়ে অনেক বেশি। লন্ডন স্কুল অভ ইকোনমিকস-এর গবেষকদের পরিচালিত এক সমীক্ষায় দেখা গেছে, ১৯৯০-এর দশকের শুরুতে সুইডেনে পরিবহন জ্বালানির ওপর কার্বন কর এবং মূল্য সংযোজন কর প্রবর্তনের পর সুইডিশ পরিবহন খাত থেকে কার্বন-ডাই-অক্সাইড নির্গমন গড়ে প্রায় ১১ বেসিস পয়েন্ট কমেছে। ৬ বেসিস পয়েন্ট হ্রাসের পেছনে কার্বন করের প্রভাব রয়েছে। বিআরটিএ-র তথ্য অনুযায়ী, দেশে বর্তমানে বিআরটিএর নিবন্ধন পাওয়া মোট গাড়ির সংখ্যা ৫২ লাখ ৯২ হাজার ৪৪০টি; এর মধ্যে কার-এর সংখ্যা ৩ লাখ ৯১ হাজার ৪৯১টি।

পদ্মা সেতুতে সাড়ে ১০ মাসে ৭শ' কোটি টাকা টোল আদায়

https://www.tbsnews.net/features/panorama/hilsa-can-year-round-supply-our-favourite-fish-now-reality-627162 Hilsa in a can: Year-round supply of our favourite fish now a reality Coming at a price of Tk320 for four slices, the canned hilsa developed by researchers at the Sher-e-Bangla Agricultural University might change the country’s ready-to-eat food industry for the better Sher-e-Bangla Agricultural University’s researchers have recently developed canned ‘shorshe ilish’, which will be available in the market at an affordable price. (From left) Asst. Professor Masud Rana, entrepreneur Abed Ahsan Sagar and Professor Dr Kazi Ahsan Habib holding canned hilsha. Photo: Courtesy On a rainy day, suppose you want to serve guests at your house khichuri with shorshe ilish (hilsa cooked with mustard). But there is no ilish in the refrigerator, and none in the market. Worry not, as you can soon serve them canned hilsa. Researchers at Sher-e-Bangla Agricultural University (SAU) have recently developed locally manufactured chemical-free canned shorshe ilish which will be made available at an affordable price. Worldwide, canned fish is a quick and hassle-free meal option for people on the go as the processed food - unlike fresh fish that requires preparation and cooking - is ready-to-eat straight out of the container. "Our objective behind researching fish canning was the preservation of the valuable but perishable hilsa for a long period, maintaining international standards. At the same time, we wanted to make our favourite fish available all year round for consumers from all walks of life," said Md Masud Rana, co-researcher and assistant professor of fishing and post harvest technology at SAU. Professor Dr Kazi Ahsan Habib, chairman of the fisheries biology and genetics department at SAU, supervised the research funded under the Sustainable Coastal and Marine Fisheries Project of the Department of Fisheries. Photo: Saqlain Rizve According to the fisheries department, there are 260 freshwater and 475 marine fish species in the country. So, why was hilsa chosen for canning? Citing hilsa as the national fish of Bangladesh, Masud explained, "Hilsa is fondly called the 'king of fishes' because of its unique taste and flavour. Only a few countries, including Bangladesh, have an abundance of hilsa. And more than 80% of the global hilsa is produced in Bangladesh," adding, "even if it is iced, export of hilsa is very challenging. But there is a high demand for this fish worldwide." Another factor at play for canning hilsa, Masud added, was that the fish cannot be dried because of its high fat content. Moreover, only hilsa weighing no more than 600 grams or 700 grams will be canned. In 2020-21, the total fish production in the country was 4.62 million tonnes, where hilsa alone contributed 0.56 million tonnes. Due to the department's various conservation measures, hilsa production has increased by around 80% in the last decade, according to the fisheries department. However, the high production rate does not benefit the fishermen all the time. Masud cited the famous novel 'Padma Nadir Majhi' by Manik Bandyopadhyay as an example. In the story, through the system of dadan, (informal lending of money), middleman Shital exploited the poor fisherman Kuber. During peak harvesting season, these middlemen hoard huge amounts of fresh hilsa and sell the remaining at a high price. They pay the fishermen a cheap price and add salt to the surplus fish to extend its preservation period. But salted hilsa is valued much less than a fresh one. "Industrial canning of hilsa can help the fishermen get fair prices for the surplus catches," Masud opined. Traditional fish traders might argue that canning hilsa will make the fish much more expensive, although the researchers disagree with it. They said that canning fish is not actually adding value; its industrialisation will not compete with the traditional fish trade, because the market for canned hilsa is different. Worldwide, tuna, salmon, sardine, pilchard and a few other sea fishes are canned. However, at the initial stage of the project, the researchers examined canned fish products of some other Asian countries like Malaysia and Thailand, because the recipes and fish varieties in those places are a bit similar to ours. Locally available cans are not suitable for canning hilsa because the fatty acid in the fish chemically reacts with the tin. So, the researchers imported containers having a zinc-oxide layer between the aluminum can and the fish. Sealing machines and the machines used to free the fish from bacteria were also imported. The researchers also examined hilsa's fat content and other nutrient values. They ensured that all the essential fatty acids, like Omega 3 and 6 - rich nutrients for pregnant mothers and children, containing EPA (Eicosapentaenoic Acid) and DHA (docosahexaenoic acid), and good for the cardiovascular system - remain intact in the containers. According to Masud, no chemicals were used in the preservation process. Then they planned the recipes prioritising local consumers' taste. "Bangalis quite like hilsa with mustard, compared to other recipes of the fish. So, we tried this one first," Masud said. Currently, they are piloting three recipes: mustard hilsa, chilli hilsa, and vegetables with hilsa without any spice. The last item is meant for foreigners. The SAU researchers cannot engage in manufacturing and marketing of the product so they were looking for capable industrialists, as it is a sophisticated process requiring high quality maintenance and monitored food processing. A private organisation called Sagar Fish Export was invited to pilot the canned hilsa. After several months of information exchange, Abed Ahsan Sagar, owner of Sagar Fish Export and director at Cox's Bazar Chamber of Commerce and Industries, adopted the idea in December 2022 and transformed a small portion of his 1.5 land at North Nuniar Chata of Cox's Bazar into a piloting plant. The second-generation businessman inherited a fish trading business of more than 40 years. "Canning fish has a great future both in domestic and export markets. The shelf life of fishes around the Bay of Bengal is comparatively high. So, there is a high potential of Bangladeshi canned fish in the export market," Sagar said while explaining his interest in the canned fish industry. Already the first batch of canned hilsa have been distributed for multiple panel tests (samples given to different groups for taste test). According to the researchers, since the beginning of March this year, at least 500 people have consumed the product and provided positive reviews. At present, the shelf life of the product is three months. Currently, multiple analyses on nutrient content and shelf life are going on at laboratories of SAU, Bangladesh Livestock Research Institute, and Jashore University of Science and Technology. The analyses will go on for at least one year to determine the product's expiry date. The researchers believe, as does Sagar, that the industrialisation of canned hilsa will ensure employment of millions of people. Sagar said that usually, following the establishment of a major industry, backward-and-forward linkage industries begin to grow in phases. "Containers for condensed milk are now made in the country following a demand in local dairy industries. Similarly, there is a hope that we too can produce the containers for the canned fish," he said. The SAU researchers' canned hilsa is priced at Tk320. Is this a subsidised price when there are four slices of the fish in a single container? The researchers said that they have fixed the price after all necessary economic analysis. "The model containers are imported from China. If the containers are made locally, the price will fall further. Even a rickshaw puller can then afford canned hilsa more than once a month," said Masud, sounding hopeful.

https://www.tbsnews.net/economy/budget/tech-entrepreneurs-want-free-cash-out-tax-waiver-laptops-startups-627330 Mahfuz Ullah Babu 06 May, 2023, 11:25 pm Last modified: 07 May, 2023, 09:58 am Tech entrepreneurs want free cash-out, tax waiver on laptops, startups Technology entrepreneurs have urged the government to take appropriate measures in the national budget for the forthcoming fiscal year 2023-24 to support the country's goal of becoming a smart nation. In a pre-budget webinar organised by The Business Standard on Thursday that focused on the technology sector, these entrepreneurs suggested providing a free cash-out facility, especially for merchants, to encourage the widespread use of electronic payments. They emphasised the need for fiscal policy support to make technology products and services accessible to the general population, especially in a high-inflation environment where additional taxes may burden consumers. AKM Fahim Mashroor, a prominent tech entrepreneur and former president of the Bangladesh Association of Software and Information Services (BASIS), pointed out India's successful budgetary measures, where mobile financial services (MFS) cash-out transactions are free for merchants. This move has facilitated the transition to a cashless society, he noted, adding, "In contrast, in Bangladesh, merchants hesitate to accept MFS payments due to the approximately 1.5% fee they incur when cashing out the received amount." Subrata Sarkar, president of Bangladesh Computer Samity (BCS), stressed the importance of conducting thorough impact assessments before imposing higher taxes and duties on essential products such as ICT hardware. He explained that this is necessary to prevent adverse consequences and ensure the sustained growth of the technology sector. Subrata mentioned that when laptops and desktops along with all other ITC hardware were getting pricier since the pandemic, the soaring dollar further fuelled the prices of the imported devices last year. In that very year, the government imposed a 15% value-added tax (VAT) on imported laptops and printers in the name of encouraging local production, he said, adding that now the hardware is 30%-40% pricier and is going beyond the reach of the average families when the government is planning to teach coding in primary schools. He said the VAT had been waived since 1998 to protect local assemblers of laptops and printers, who were not yet capable of serving the local market in terms of quality and quantity, maintained the BCS president. Fahim Mashroor said, on the other hand, that some local sectors like software, despite having self-sufficiency, are having no protection against imports, and taxing imported software would help dollar conservation and incentivize local firms. The founder of local tech ventures like the leading job portal BD Jobs, e-commerce platform AjkerDeal, and smart logistics firm Delivery Tiger was worried about the tech adoption slowdown as smartphone purchases already halved in the country. He urged fiscal incentives so that the hardware, connectivity, and relevant services crucial for a Smart Bangladesh do not get pricier. Echoing Mashroor's sentiments, Mohammad Sahab Uddin, vice president of the E-commerce Association of Bangladesh, emphasised the need for tax waivers on e-commerce and startups until 2030. He pointed out that India's supportive measures for their digital economy have helped them grow 80,000 recognised startups and a hundred unicorns, while Bangladesh has only produced one unicorn. Uddin suggests that the government should let the digital economy grow before taxing it. Startup entrepreneur Waseem Alim, co-founder and CEO of the online grocery platform Chaldal, agreed with Uddin and Mashroor, suggesting that e-commerce platforms should not be burdened with the responsibility of deducting VAT from suppliers. He believes that this puts them in uneven competition with offline peers who are not under practical VAT coverage. E-commerce and startups should be tax-VAT waived till 2030, suggested both Sahab Uddin and Alim. Masahroor proposed tax incentives for firms that hire fresh graduates, which is an important issue given the rising concern of graduate unemployment in the country. Subrata Sarkar called for duty reduction on the imported hardware for robotics and the internet of things as they even go as high as 80% in the country, unlike in the peer economies, and said the high duties would keep hurting the Smart Bangladesh mission. He also rang his alarm bell against the halted IT projects of the government, meant to conserve dollars. Even the payments against IT procurements are halted nowadays, being it for the state's significant agencies or other offices, said Subrata Sarkar.

https://www.tbsnews.net/nbr/imf-wants-know-nbrs-specific-strategies-increase-revenue-627934 TBS Report 07 May, 2023, 10:50 pm Last modified: 07 May, 2023, 11:00 pm IMF wants to know NBR's specific strategies to increase revenue The International Monetary Fund (IMF), expressing dissatisfaction over the various initiatives taken by the National Board of Revenue (NBR) to raise revenue collection, wants to know its specific strategies and action plans. An IMF delegation headed by Rahul Anand, the visiting Bangladesh mission head of the organisation, held a meeting with senior officials of NBR on Sunday (7 May). Earlier, the team met with the NBR officials for two more rounds and asked to know about the activities, steps, and initiatives of the top revenue organisation. "The delegation wants to know specific information about our revenue collection strategy," a senior NBR official present at the meeting on Sunday told The Business Standard, wishing anonymity. "There will be some initiatives in our budget. However, since the budget is a confidential matter, I cannot tell the delegation in detail about it," said the official. In a press release issued Sunday (7 May), the IMF flagged risks to the Bangladesh economy such as inflation, growth and foreign reserves as it concluded its mission under the $4.7 billion loan programme. The IMF will disburse the loans in seven instalments until 2026, with the first tranche of $476.2 million released on 30 January. The next instalment is due in November.

A "Framework Arrangement” has been signed between the Government of the People’s Republic of Bangladesh and the Government of the Republic of Korea to provide soft loan of US$ 3.00 billion during the period 2023-2027.

https://www.tbsnews.net/economy/have-savers-lost-appetite-savings-certificates-627942 Tonmoy Modak 07 May, 2023, 10:55 pm Last modified: 08 May, 2023, 10:04 am Have savers lost appetite for savings certificates? While deposits in the banking system are increasing, savers are withdrawing more from savings tools than depositing despite lower interest rates in banks, shows the central bank data. The Bangladesh Bank data shows that the withdrawal tendency continued along the FY23. From the July-March period of the current fiscal year, the savings certificate saw a new deposit of TK62,658 crore and withdrawal of TK66,819 crore. In other words, people have taken out Tk4,160 crore more than what they have invested over the first nine months of the fiscal. Bankers and economists say the appeal of the saving tools waned due to inflationary pressure, reduced interest rate and a limit to buy savings certificates. In the same period of FY22, investments on the savings certificates increased by around Tk16,504 crore as people invested Tk81,327 crore against the withdrawal of Tk64,823 crore. According to industry insiders, the prolonged dollar crisis of the country increased the import price of goods. So, people have to spend more money on daily essentials. According to BBS data, food inflation rose to 9.09% in March, up from 8.13% in February, while non-food inflation fell marginally to 9.72% from 9.82%. Meanwhile, wage growth reached 7.18% in March from 7.11% in the previous month. Inflation reached 9.33% in March, the highest in seven months, causing significant discomfort for consumers. The government targeted to borrow TK35,000 crore from the national savings certificates in FY23. However, in the first nine months of this fiscal year, government borrowing from savings certificates is far less than that target. On the contrary, the government is increasing bank borrowing. Ahsan H Mansur, executive director of the Policy Research Institute, believes that lower-income people are forced to withdraw savings to manage everyday life expenses. "In fact, the government does not want savings certificates to increase because the government has to spend a lot of money on its interest in the annual budget. This increases the pressure on the government," he said. "We asked the government long ago to reduce savings certificates. Government officials also buy savings certificates after retirement. So, they also do not want it to stop completely," he said adding, "While the drop in savings certificate sales may not give immediate good results, it will give relief to the government in the next few years." He also pointed out that the government will not face any additional crisis in meeting the budget deficit due to decrease of savings certificate sales. Deposits in the banking system are increasing as the banks and NBFIs are offering good interest rates against customer deposits, said Ahsan H Mansoor. "The government can also increase borrowing money from the banking sector if it wants. By taking loans from the bank, the interest cost of the government is much less," he added.

https://www.tbsnews.net/economy/foreign-aid-commitments-fall-43-disbursement-21-627898 Saifuddin Saif 07 May, 2023, 10:25 pm Last modified: 08 May, 2023, 10:18 am Foreign aid commitments fall 43%, disbursement 21% Loan repayments increased by 29% in the July-March period of FY23 compared to the same period of FY22 The year-on-year disbursements and commitments of foreign loans from development partners have decreased in the first nine months of the current fiscal year, which may intensify pressure on the country's foreign exchange reserves. According to the Economic Relations Division (ERD) of finance ministry data, foreign aid disbursement has decreased to $5.36 billion in the July-March period of FY23, registering a 21% fall compared to $6.79 billion in the same period of FY22. In addition, commitments of foreign aid declined by 43% to $3.07 billion in the nine months of this fiscal year, down from $5.43 billion in the corresponding period of the last fiscal year. However, the government's loan repayments increased by 29% in this period of the current fiscal compared to the same period last fiscal. According to ERD officials, the disbursement did not see a rise due to the lack of capacity to implement the ongoing development project. In addition, the development partners released funds for budget support and vaccine purchase in the last financial year. Only $250 million in budgetary support has been received from the Asian Infrastructure Investment Bank (AIIB) till March of the current fiscal year. ERD data shows that Japan's International Development Cooperation Agency (Jica) made the largest disbursement in the July-March period, releasing $1.3 billion. Among other development partners, the World Bank has released $854.29 million, the Asian Development Bank $801.93 million, Russia $747.2 million, and China $637.67 million. ERD sources said commitments in the first nine months of the current fiscal fell by $2.35 billion compared to the same period last year. Regarding the drop in commitments from development partners, ERD officials said the government is taking fewer loans due to the higher Secured Overnight Financing Rate (SOFR) in the international market and because of this, the commitment has decreased. Currently, the SOFR rate is above 4%. According to ERD data, the highest commitment received was from Jica — around $1.29 billion in the July-March period of FY23. In addition, commitments of $844.75 million from the Asian Development Bank (ADB), $300 million from the World Bank and $253.5 million from AIIB have been received. The total debt repayments by the government increased in March as $329 million (principal and interest) against the Rooppur power project loan was paid. Including Rooppur debt repayment, the government has paid a total of $2.059 billion in foreign loans during July-March of the current financial year, which was $1.595 billion in the same period of the previous year.

https://www.tbsnews.net/economy/bhalukas-luxury-face-627926 Sajjadur Rahman 07 May, 2023, 10:40 pm Last modified: 08 May, 2023, 03:17 pm Bhaluka's luxury face Bhaluka, a small town in Mymensingh that has already become a hub of enhanced economic activities, is going to have more feathers in its cap -- an upscale five-star hotel, a high-end private housing project, a globally reputed school and a private economic zone. These projects, undertaken by Best Holdings Limited (BHL), are designed to equip the sprawling suburb with modern amenities and services for the comfort of people living in or travelling to the area for job or business. The group will invest a whopping Tk3,500 crore in these projects on around 850 acres of land, which will create thousands of new jobs, its chairman and a pioneer in Bangladesh's construction sector Amin Ahmad has said. The Marriott Bhaluka, a hotel of Marriott International, USA, will be a 228-room luxurious property by the Dhaka-Mymensingh highway near Mawna to cater to businesses and foreigners visiting the area, which is housing hundreds of factories varying from garments to textiles, ceramics, pharmaceuticals, and float glass. In fact, the entire area will be ameliorated to a township, where branches of eight banks, 120 showrooms and two cineplexes will be built, Ahmad told The Business Standard in a recent interview at his office in Dhaka's Nikunja. In addition to the Marriott Bhaluka hotel, the BHL is also building The Muslin, a luxury collection brand resort of Marriott International, USA, at Mamarishpur in Bhaluka. But what has driven Ahmad to pour so much money into a luxury hotel and school in Bhaluka, an upazila located 50 kilometres away from Hazrat Shahjalal International Airport? According to Ahmad, there are around 5,000 industries in and around the area, where scores of foreigners visit but cannot find any good place to stay and enjoy leisure. The lack of hospitality for international visitors in the area motivated him to invest in a luxury hotel, resort and school in Bhaluka. He has conducted research to make sure that his upscale hotel and resorts in Bhaluka will pay returns faster than those in Dhaka. Ahmad's passion for development is not limited to the hospitality industry. He is building a 1,000-student capacity high-end residential school, namely Haileybury Bhaluka, a joint venture with Haileybury UK, one of the world's leading independent schools in the UK. "Everything is ready and the school will be opened this year and a British principal has been appointed to run the school," said Ahmad, who has invested Tk700 crore in setting up this globally reputed chain school. Ahmad's Big Dream Ahmad believes that without a big dream, no one can ascend to the top of a ladder. He said he is surprised to see that no one in the private sector of Bangladesh, home to 170 million people and an emerging economy, dared to take on a billion-dollar project yet. He blamed the lack of foresight and knowledge about sustainable development for this. But Ahmad likes to dream big. He started his business career as a contractor in the late 1980s. His construction firm has built over 200 bridges across the country, like Teesta, Dharala, Daratana, Bhairab, Brahmaputra, Kanchan, Dholashori, Toilerdeep, 3rd Karnaphuli etc. He is not in the public construction business now. Since 2009, he has focused on his own infrastructure projects. He began to make his dream a reality with Le Meridien Dhaka, even though that journey was not as smooth as he initially thought. He started the works of Le Meridien in 2006, but he had to halt all works soon due to political turmoil. Resuming work in 2009, he finally built the hotel in 2015, which went into operation in 2016. But in the meantime, his Tk462 crore bank loan ballooned to Tk1,800 crore including the interest burden. "I was able to convert part of this loan into equity shares. Besides, this hotel is making profits now," Ahmad said. The success in building Le Meridien made him more confident in undertaking more expensive hotel projects. The construction of Marriott Bhaluka, designed for those travelling frequently for business and recreational purposes, is nearing its end and is set to open in December this year. Ahmed has invested Tk1,200 crore in this hotel. He is building a Tk1,385 crore luxury brand resort of Marriott International, namely The Muslin Luxury Collection, which will be launched in 2024. He is making this luxury project on a sprawling 57 acres of land. Besides, he is building 100 luxury villas on 30 acres of land for individual uses costing about Tk450 crore. This three-bedroom duplex house will be sold to individuals and maintained by Marriott International. Why is Ahmad interested in the hospitality sector? Amin Ahmad, a man who avoids publicity, said he bought 850 acres of land in Bhaluka 16 years ago. Land, which is a very scarce thing and has lots of disputes and enough to drag a project in Bangladesh, gave him the boost to think big. Now he is developing all his dream projects including infrastructure, education, health, real estate, private economic zone, food and agriculture, and industrial projects, on this land. He also has a plan to establish a 1,000-bed hospital in Bhaluka, for which he is looking for an international chain partner. Despite his remarkable achievements, Ahmad lives a simple life and passes this lifestyle on to his children who have preferred to be teachers instead of relishing the empire their father built over the years.

https://www.tbsnews.net/economy/industry/shipbuilders-back-life-tk5000cr-orders-627450 Foisal Ahmed 07 May, 2023, 10:55 am Last modified: 07 May, 2023, 11:29 am Shipbuilders back to life with Tk5,000cr orders The country's shipbuilding industry is witnessing a significant boost as three of its largest companies have secured orders to build around two dozen vessels worth approximately Tk5,000 crore. This surge in orders comes after a year of increased inquiries by buyers, which has expanded the industry's potential for acquiring additional orders. Dr Abdullahel Bari, President of the Association of Export-Oriented Shipbuilding Industries of Bangladesh (AEOSIB), told The Business Standard (TBS), "The shipbuilding sector is emerging as a shining star in the country's economy, with three major companies currently holding combined orders worth Tk5,000 crore." Bari, who is also the owner of Ananda Shipyard, said, "We [Ananda] also received a substantial number of inquiries last year, indicating a higher likelihood of obtaining more orders. We have received orders totalling about Tk700 crore." Khulna Shipyard, one of the country's leading shipbuilders, has secured orders valued at around Tk2,300 crore, while Karnaphuli Shipyard has orders worth nearly Tk2,000 crore. Captain Al Amin Chowdhury, general manager (Design and Planning) of Khulna Shipyard, told TBS, "We got work orders to build a 70-meter cruise ship, two tugboats for Payra Port, four 24-inch dredgers for the Bangladesh Inland Water Transport Authority (BIWTA), five 60-meter patrol craft, three landing craft tanks for the Navy, three diving vessels, a modern floating crane with a 70-tonne capacity for the Coast Guard, two diving boats for the Coast Guard, two ferries, and a survey boat." "We are also working on several other smaller orders. These vessels will be delivered to buyers at different times by June 2024," Chowdhury added. Engineer Abdur Rashid, managing director of Karnafuly Ship Builders Limited (KSBL), said that the firm is currently working on several orders, including building a mother vessel with a helipad, four coastal ships, three cruise ships, a few survey vessels, and other smaller vessels. Rashid said all these orders were secured last year, requiring to be delivered by 2024. Dr Bari, chairman of Ananda Shipyard, said his company is building two 24-inch dredgers for the BIWTA, two cargo ships with a capacity of 1,200 tonnes each, a multipurpose 5.5m container ship for India, and five medium and small-sized ships, along with some repair works. He said these orders are scheduled for delivery next year. While the shipbuilding industry faced a challenging year in 2020 and 2021 due to reduced orders and payment difficulties, it managed to rebound in 2022. Dr Bari said that immediately after the pandemic in 2021, the industry encountered decreased orders and halted ongoing projects due to payment failures. However, the situation improved significantly the following year, with a substantial influx of orders. Although the Russia-Ukraine war posed a crisis in late 2022, it lasted only a few months, and the industry is currently not facing major issues, he noted. Regarding the industry's potential, Bari said, "Bangladeshi shipbuilders have established a reputation for producing high-quality vessels at competitive prices and this has created a strong demand for their products abroad, leading to increased buyer interest and positive industry trends." Regarding the dollar crisis and its impact on the shipbuilding industry, Al Amin Chowdhury of Khulna Shipyard said the crisis regarding opening Letters of Credit (LCs) only lasted for a few months last year. Fortunately, the government promptly resolved the issue, and currently there are no problems in this regard. Expressing similar sentiments, Engineer Rashid of Karnafuly Ship Builders, said they are currently not encountering any obstacles in opening LCs for importing materials and machinery required for shipbuilding. However, the situation differs for Ananda Shipyard. Its Chairman Dr Bari claimed that his company continues to face hurdles in opening import LCs. "I need to procure certain necessary equipment, but due to the dollar crisis, we are unable to proceed with the imports," he added.

https://www.thedailystar.net/business/economy/news/bangladesh-retains-second-position-rmg-export-eu-3310546 Bangladesh retains second position in RMG export to EU Refayet Ullah Mirdha Thu May 4, 2023 09:00 AM Last update on: Thu May 4, 2023 11:41 AM Bangladesh retained second position in apparel shipments to the European Union (EU) in the first two months of the current year with a 22.75 per cent share of the trade bloc's overall garment imports, according to data from EUROSTAT. China remained the top supplier at the time, providing 26.27 per cent of the EU's total apparel imports. However, the EU's overall apparel imports for January and February declined by $322 million, or 2.03 per cent, compared to the corresponding period of 2022. In terms of quantity, the EU's clothing imports fell sharply by 10.09 per cent year-on-year, or 70 million kilogrammes (kgs), in the January-February period. Apparel imports from China fell 13.11 per cent year-on-year to $4.08 billion at the time with shipments from the top sourcing destination having shrivelled by 16.42 per cent, or 32 million kgs. In contrast, the EU's apparel imports from Bangladesh increased by 5.47 per cent year-on-year, or $183 million, during the January-February period. However, the quantity of shipments declined by 3.02 per cent, or 6 million kgs, at the same time. Among the top 10 apparel sourcing countries for the EU, Bangladesh, India, Vietnam and Pakistan showed positive growth while Turkey and some other nations saw decline. The EU's imports from Turkey, its third largest apparel source, fell by 11 per cent year-on-year during the January-February period, when the country shipped $1.82 billion worth of clothing items. The global economy and trade scenario are showing signs of depression, which is clearly affecting the European market as evinced by the data, according to Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Although Bangladesh has been performing relatively better than its major competitors, the growth seen in the first two months of 2023 was largely due to inflated raw material prices and subsequent hikes in the production cost. So, the value of goods exported went up while the overall volume fell, Hassan said in an email to BGMEA members. "However, we need to cautiously monitor the trend in major markets, focus on alternative strategies, such as reducing dependence on single markets or products, and ensure balanced investment plans for backward and forward linkages," he added. Hassan went on to say that the sale of garment items has slowed a bit in western markets due to high inflation stemming from the ongoing Russia-Ukraine war that began on February 24 last year. It is due to the war that most global apparel retailers and brands are witnessing a significant build-up of inventory at their stores. "So, they have lowered their work orders for new clothing," he said. Local exporters had been covering the lower demand for garment items by supplying high-end, value-added clothing to secure better prices for the past few months. However, this is not possible anymore as the demand for such apparel is falling steeply because of the high bank interest rates and inflation resulting from the war, Hassan added. The unit price of garment items made in Bangladesh increased by 8.75 per cent year-on-year in the January-February period, EUROSTAT data shows. As such, clothing from the country sold for $18.26 per kg in the EU during the first two months of the year, up from $16.79 per kg in 2022. The average price of imported garment items in the EU increased by 8.97 per cent to $24.88 per kg in January-February compared to $22.83 per kg in the corresponding period the year before. China saw the lowest price hike for its clothes in the EU with a 3.97 percent increase while Indonesia witnessed the highest with 22.97 per cent. Meanwhile, the price of apparel from Turkey saw growth of 13.95 per cent while Vietnam registered 13.01 percent, Cambodia 12.05 per cent, India 9.16 per cent and Morocco 7.78 per cent.

https://www.tbsnews.net/economy/apparel-exports-us-fall-13-jan-mar-627322 Jasim Uddin 06 May, 2023, 11:15 pm Last modified: 06 May, 2023, 11:17 pm Apparel exports to US fall 13% in Jan-Mar The overall apparel demand in the US is seeing a downturn due to an economic slowdown induced by the ongoing Russia-Ukraine war Bangladesh's apparel exports to the US shrank by 13.34% in the first quarter (January to March) of 2023 as this key market is going through an overall slowdown in demand for garment products. Bangladesh's apparel shipment to the US was valued at $2.14 billion in the first three months of this year, which was $2.46 billion in the same period last year, according to the US Department of Commerce's Office of Textiles and Apparel (OTEXA). The overall apparel demand in the US is seeing a downturn due to an economic slowdown induced by the ongoing Russia-Ukraine war, exporters said. However, they said the US market retains a good position for Bangladeshi apparel compared to other export destinations and expected better figures by the end of the year. The OTEXA data show that the overall US apparel import declined from $24.25 billion to $19.47 billion in Q1 of 2023 – a 19.73% decline. During the same period, the world's top apparel exporter China saw its garment shipments to the US drop by 34.89% to $3.47 billion. Vietnam, the second largest apparel exporter to the market, also saw its apparel exports dip by 24.25% to $3.37 billion. Besides, Indian Indonesian apparel shipments to the US dropped by 11% and 17.96% respectively in the first three months of 2023. BGMEA President Faruque Hassan told The Business Standard that the negative growth underlines a global economy that is in turmoil as most western countries are facing high inflation and high-interest rates due to the ongoing war between Russia and Ukraine. "As we feared, the global apparel demand slowdown would impact firstly on our orders volume and then value," Faruque Hassan said. The BGMEA president said that Bangladesh had maintained moderate growth despite falling demand for apparel at international markets, thanks to the shipment of high-value items. "But apparel values are now falling in the same row." He mentioned that this year would remain challenging for the apparel industry. Bangladesh may miss its export target for this fiscal year, Faruque Hassan said, however, hoping that despite all challenges Bangladesh would be able to maintain a better position than other competing countries by the end of the year.

https://www.tbsnews.net/economy/nbr-plans-send-private-agents-tax-collection-627310 Jasim Uddin 06 May, 2023, 10:55 pm Last modified: 06 May, 2023, 11:01 pm NBR plans to send private agents for tax collection Soon income tax agents may appear at your door regularly to collect your taxes. The government is considering employing private tax collection agents up to the union levels from the forthcoming fiscal year 2023-24 to boost tax revenue, given the country's tax-to-GDP ratio of below 8%, a low number despite the economic growth over the past two decades. This move is a part of the revenue boards' strategy to achieve its Tk4,30,000 crore revenue collection target in the upcoming fiscal year, which is 16.2% higher than the current fiscal, according to finance ministry sources. Corporate tax rates are likely to remain the same in the new budget despite a demand for cuts, while the tax-free income threshold for individuals might be increased to Tk3,50,000-4,00,000 from Tk3,00,000. According to top officials in the finance ministry, the National Board of Revenue (NBR) has proposed the appointment of tax agents to expand the tax net across the country and persuade persons with taxable income to pay taxes. At the same time, tax agents will also help new taxpayers or those who have e-TIN but have not yet submitted their returns to prepare their tax returns. Ministry officials have stated the proposal was discussed in a recent meeting with Finance Minister AHM Mustafa Kamal and will be presented to Prime Minister Sheikh Hasina on 14 May for her approval. If approved, the upcoming budget will incorporate the finance bill, which includes a new rule named "Income Tax Preparer (ITP)," that has already been developed as a draft. The implementation of private tax collection agents is modelled after countries like the United States, Australia, and the United Kingdom, according to Finance Ministry officials. In the USA, tax preparers can prepare, file, or assist with general tax forms and can also represent taxpayers to the Internal revenue service (IRS) – which is responsible for collecting US federal taxes – during audits and tax court issues. However, former NBR chairman Muhammad Abdul Mazid suggested that the implementation of tax agents should initially be piloted to ensure its effectiveness. He also expressed hope that the initiative would help reduce fear among taxpayers of tax officials and that the NBR would improve its attitude toward auditing tax returns. Mazid also noted that the appointment of tax agents would create a significant number of new jobs. Finance ministry officials explained that in Bangladesh, tax agents would be companies that register with the NBR and appoint income tax preparers. These agents will be trained and monitored to find new taxpayers and help them file their returns, which must be submitted online. The sources also mentioned that the tax agents will work similar to life insurance company agents and will receive a commission of 10% of the tax collected, excluding tax at source, with a significant portion going to the tax return preparers. The commission rate will be determined by the appointed agents of the NBR, and the revenue board plans to pay commissions to agents for the next five years in exchange for finding new taxpayers. Despite having taxable income, many people in the upazila-municipal level of the country are not paying taxes, according to NBR officials. Although there are more than 8.8 lakh tax identification number (TIN) holders, only 2.9 lakh taxpayers have submitted returns in the current fiscal year. Ahsan H Mansur, executive director of the Policy Research Institute, however, warned that the NBR's move to appoint private agents might lead to the creation of a "broker class", causing the initiative to backfire. Since commissions from tax collection are their only income, the agents will try to pressurise taxpayers to pay higher amounts of taxes than the payable, or take bribes from them to reduce the amount, he explained. Alamgir Hossain, a former member of the NBR (tax policy), feels that appointments of private agents in tax collection might be done on an experimental basis to increase the number of taxpayers. He, however, declined to make further statements on the matter without knowing fully as to how much authority the tax agents will be given. Which countries have private agents for tax collections? In Australia, the Australian Taxation Office (ATO) has engaged private debt collection agencies to assist in the collection of certain tax debts. These agencies work on behalf of the ATO to recover outstanding tax liabilities. In the United Kingdom, the government has outsourced the collection of some tax debts to private companies. These companies are responsible for recovering unpaid taxes, such as income tax and national insurance contributions. Greece has also utilised private debt collection agencies for the collection of certain tax debts. These agencies operate under the supervision of the Ministry of Finance. In Brazil, private companies can be hired by local municipalities or state governments to handle tax collection. These companies work alongside the government tax authorities to ensure the proper collection of taxes. The Internal Revenue Service (IRS) in the United States has used private collection agencies in the past to collect certain overdue tax debts. However, the program has been controversial and has undergone changes over the years. Individual tax-free income limit will be higher The NBR has decided to increase the tax-free income limit for individuals after two fiscal years, taking into account the current inflation. The limit may be raised to Tk3,50,000-4,00,000, pending a final decision by Prime Minister Sheikh Hasina in the meeting scheduled for 14 May. However, the NBR is in favour of maintaining the tax-free income limit at Tk3,50,000, as raising it to Tk4,00,000 could result in many taxpayers falling out of the tax net, ultimately reducing tax collection. Over the last ten fiscal years, the tax-free income limit has gradually increased from Tk220,000 in FY14-15 to Tk2,50,000 in FY16 and Tk3,00,000 in FY21. The NBR did not increase the tax-free income limit in the last two years in response to demands from various businessmen, economists, and social organisations. According to a senior NBR official who spoke on condition of anonymity to TBS, increasing or decreasing the tax-free income limit for individuals is primarily a political decision. Therefore, the ultimate decision on the tax-free income limit will be made by the highest level of the government. Nonetheless, the NBR prefers the limit to be set at Tk3,50,000, as this decision would benefit both taxpayers and the NBR, said the official. Corporate tax rates to remain unchanged The corporate tax rates for listed and non-listed and one-person companies are likely to remain unchanged in the upcoming budget, although the rates were slashed in the last three consecutive budgets, according to the sources. Currently, the corporate tax rate is 20% for listed companies, 27.5% for non-listed companies, and 22.5% for one-person companies. NBR revenue target Tk4,30,000cr for FY24 Sources suggest that the total revenue collection target for the upcoming fiscal year would be Tk5,00,000 crore, which is 15% higher than the current fiscal year's target and is equivalent to 10% of the country's GDP. The NBR has been assigned the task of collecting Tk4,30,000 crore, which is 16.2% higher than the current fiscal year. In addition to the NBR's target, the non-NBR revenue collection target has been set at Tk20,000 crore, and the non-tax revenue (NTR) collection target at Tk50,000 crore. Former NBR Chairman Muhammad Abdul Mazid stated that while the current fiscal year's revenue target may not be achievable, a high target is not necessarily a bad thing if the government does not increase its revenue expenditure based on it. If the government does so, it may result in increased bank borrowings. He also suggested that expanding the tax net should be a priority to meet revenue targets, as setting such a high target may put pressure on revenue officers to meet their targets, which could negatively affect taxpayers.

https://www.tbsnews.net/bangla/বাংলাদেশ/news-details-143454 কামরান সিদ্দিকী 13 April, 2023, 01:20 pm Last modified: 18 April, 2023, 01:04 pm বিদেশে কর্মী নিয়োগ বাড়ছে, গত বছরের রেকর্ড ছাড়িয়ে যেতে পারে গত বছর বাংলাদেশ রেকর্ড ১১.৩৫ লাখ কর্মী বিদেশে পাঠিয়েছে। কর্মী পাঠানোর বর্তমান ক্রমবর্ধমান ধারা অব্যাহত থাকলে এ বছর বাংলাদেশ গেল বছরের রেকর্ড ছাড়িয়ে যাবে বলে আশা করছেন জনশক্তি রপ্তানিকারকরা। চলতি বছরের প্রথম তিনমাসে বিদেশে বাংলাদেশি অভিবাসী কর্মীদের সংখ্যা ক্রমবর্ধমান হারে বেড়েছে। নিয়োগকারীদের আশা, এই ধারা অব্যাহত থাকলে এ বছর বিদেশে কর্মী পাঠানোর সংখ্যা গত বছরের সর্বোচ্চ রেকর্ড ছাড়িয়ে যাবে। চলতি বছরের প্রতিমাসেই বিদেশে কর্মী পাঠানোর সংখ্যা বেড়েছে। সেইসঙ্গে বেড়েছে মাসিক রেমিট্যান্স আয়ের পরিমাণও। ছয় মাস পর চলতি বছরের মার্চে দেশের রেমিট্যান্স আয় বেড়ে দাঁড়িয়েছে ২ বিলিয়ন ডলারে। এ বছরের প্রথম তিন মাসে দেশ থেকে প্রায় ৩.২৩ লাখ কর্মী বিদেশে গিয়েছেন। এরমধ্যে জানুয়ারিতে গিয়েছেন প্রায় ১.০৪ লাখ, ফেব্রুয়ারিতে ১.০৯ এবং মার্চে গিয়েছেন ১.০৯ লাখ। জনশক্তি, কর্মসংস্থান ও প্রশিক্ষণ ব্যুরোর (বিএমইটি) তথ্য অনুসারে, মাসভিত্তিতে অভিবাসী কর্মীর সংখ্যা বৃদ্ধির হার জানুয়ারিতে ছিল ৬.২০ শতাংশ, ফেব্রুয়ারিতে ৪.৩৫ শতাংশ এবং মার্চে ছিল ০.৩৫ শতাংশ। গত বছর বাংলাদেশ রেকর্ড ১১.৩৫ লাখ কর্মী বিদেশে পাঠিয়েছে। কর্মী পাঠানোর বর্তমান ক্রমবর্ধমান ধারা অব্যাহত থাকলে এ বছর বাংলাদেশ গেল বছরের রেকর্ড ভাঙতে সক্ষম হবে বলে আশা করছেন জনশক্তি রপ্তানিকারকরা। মালয়েশিয়ার বাজার পুনরায় খুলে দেওয়ায় সম্প্রতি বিদেশে কর্মী পাঠানোর সংখ্যা বেড়েছে। সৌদি আরবের পর একমাসে দ্বিতীয় সর্বোচ্চ সংখ্যক বাংলাদেশি কর্মী নিয়োগ দিয়েছে মালয়েশিয়া। চলতি বছরের মার্চ পর্যন্ত সৌদি আরবে পাড়ি জমিয়েছেন প্রায় ১.২২ লাখ (৩৮ শতাংশ) কর্মী; আর মালয়েশিয়াতে গিয়েছেন ৮২,৯৮৩ জন (২৬ শতাংশ)। এছাড়া দক্ষিণ কোরিয়া, জাপান, ইতালি এবং যুক্তরাজ্যে কর্মসংস্থানের সুযোগ বৃদ্ধিও চলতি বছরে অভিবাসী শ্রমিকদের সংখ্যা বৃদ্ধিতে গুরুত্বপূর্ণ ভূমিকা রেখেছে। বিএমইটির তথ্য অনুসারে, ২০২২ সালের প্রতিমাসে ৯৩,৭৫০ জন কর্মী বিদেশে পাড়ি জমিয়েছেন, যেখানে কোভিড পূর্ববর্তী সময়ে এই সংখ্যা ছিল প্রায় ৭০,০০০। রিক্রুটিং এজেন্সিগুলোর মতে, মধ্যপ্রাচ্যের দেশগুলোর তুলনায় বাংলাদেশি কর্মীরা মালয়েশিয়ায় যেতেই স্বাচ্ছন্দ্য বোধ করেন। কারণ এই দেশের আবহাওয়া প্রায় বাংলাদেশের মতোই এবং বেতনও মধ্যপ্রাচ্যের অন্যদেশের তুলনায় বেশি। মালয়েশিয়া সরকারের নতুন বেতন কাঠামো অনুযায়ী, দেশটিতে নতুন নিয়োগপ্রাপ্ত একজন কর্মী মাসিক কমপক্ষে ১,৫০০ মালয়েশিয়ান রিঙ্গিত (বাংলাদেশি মুদ্রায় ৩৭,০০০ টাকা) বেতন পাবেন। অন্যদিকে, সৌদি আরবে স্বল্প-দক্ষ বা অদক্ষ শ্রমিকরা বেতন পান ২৫,০০০ থেকে ৩০,০০০ টাকা। বর্তমানে মালয়েশিয়ায় কৃষি, উত্পাদন, পরিষেবা, খনি, নির্মাণ ও গৃহস্থালি পরিষেবাসহ সব সেক্টরেই বাংলাদেশি কর্মীদের নিয়োগ দেওয়া হচ্ছে। "সৌদি আরবে অভিবাসী বাংলাদেশি শ্রমিকরা মূলত নির্মাণ ও পরিচ্ছন্নতা খাতে এবং হোটেল ও রেস্টুরেন্টে কাজ করেন। এছাড়া, কিছু সংখ্যক স্বল্পদক্ষ কর্মী যেমন- প্লাম্বার, ইলেকট্রিশিয়ান এবং ড্রাইভারও সেখানে নিয়োগ পাচ্ছেন," বাংলাদেশ অ্যাসোসিয়েশন অফ ইন্টারন্যাশনাল রিক্রুটিং এজেন্সি (বায়রা)-এর সেক্রেটারি-জেনারেল আলী হায়দার চৌধুরী টিবিএসকে এ কথা বলেন। সৌদি আরবে অভিবাসী অনেক শ্রমিক চুক্তি অনুযায়ী কাজ পাচ্ছেন না এমন অভিযোগের বিষয়ে তিনি বলেন, "এই সংখ্যাটা সেখানে মোট বাংলাদেশি শ্রমিকের ০.১%-এর বেশি হবে না। মূলত, যারা আত্মীয়-স্বজনদের সহায়তায় তথাকথিত 'ফ্রি ভিসায়' যাচ্ছেন, তারাই এই সমস্যার সম্মুখীন হচ্ছেন।" মধ্যপ্রাচ্যের বাইরেও বাড়ছে কর্মসংস্থানের সুযোগ মালয়েশিয়া ও মধ্যপ্রাচ্যের দেশগুলো ছাড়াও দক্ষিণ কোরিয়া, জাপান, যুক্তরাজ্য ও ইতালিসহ ইউরোপের বেশ কয়েকটি দেশে বিগত বছরের তুলনায় এ বছর বাংলাদেশি শ্রমিকদের জন্য কর্মসংস্থানের সুযোগ বাড়ছে। বাংলাদেশ থেকে গত তিনমাসে দক্ষিণ কোরিয়া ১,৬৯৮ জন কর্মী নিয়োগ দিয়েছে। গত বছর মোট নিয়োগ পেয়েছিল ৫,৯১০ জন কর্মী। এদিকে, যুক্তরাজ্যে গত বছর পাড়ি দিয়েছিলেন ৯৪২ বাংলাদেশি কর্মী; আর এ বছরের প্রথম তিন মাসেই সে সংখ্যা দাঁড়িয়েছে ৮৭১ জনে। ইউরোপে কর্মী প্রেরণকারী সংস্থা ইনফিনিটি এইচসিএম-এর সিইও সিরাজুল আমিন বলেন, যুক্তরাজ্যে প্রধানত বাংলাদেশ থেকে বিভিন্ন পেশাজীবী যেমন- ডাক্তার, প্রকৌশলী এবং আইটি পেশাদারদের নিয়োগ দেওয়া হচ্ছে। অন্যদিকে, ইতালি নিয়োগ দিচ্ছে মৌসুমী কৃষি শ্রমিক। এই দুই দেশ ছাড়াও প্রতিমাসে কিছু সংখ্যক কর্মী রোমানিয়া, বুলগেরিয়া, ক্রোয়েশিয়া, পোল্যান্ড, সার্বিয়া, হাঙ্গেরি, মাল্টা ও আলবেনিয়ায় পাড়ি জমাচ্ছেন। এশিয়ার দেশ জাপানে দক্ষ কর্মীর চাহিদা সবচেয়ে বেশি। এ বছরের প্রথম তিনমাসে বাংলাদেশ থেকে ১৯৩ জন কর্মী জাপানে গিয়েছেন। বিএমইটির আশা, চলতি বছরে এই সংখ্যা হাজার ছাড়াবে। সংস্থাটির তথ্যমতে, ২০২২ সালে ৫০৮ জন কর্মী নিয়োগ পেয়েছিলেন জাপানে, যা ছিল এক বছরে সর্বোচ্চ। প্রবাসী কল্যাণ ও বৈদেশিক কর্মসংস্থান মন্ত্রণালয় জাপানে নার্সিং, কৃষি, পরিচ্ছন্নতা এবং নির্মাণখাতে 'স্পেসিফাইড স্কিল্ড ওয়ার্কার্স' (এসএসডব্লিউ) নিয়োগের জন্য এ বছরের ফেব্রুয়ারি থেকে সেপ্টেম্বর পর্যন্ত দক্ষতা যাচাই পরীক্ষার সময়সূচি ঘোষণা করেছে। জাপানে কর্মী পাঠানোর প্রক্রিয়া ত্বরান্বিত করতে ও এক্ষেত্রে আর্থিক লেনদেনে স্বচ্ছতা আনতে গতমাসে সরকার জাপানে অভিবাসনের খরচ নির্ধারণ করে দিয়েছে। বাংলাদেশ থেকে জাপানে যেতে এখন অভিবাসন খরচ হবে প্রায় ১ লাখ ৪৮ হাজার টাকা। বাড়ছে রেমিট্যান্স প্রবাহ অভিবাসী শ্রমিকের সংখ্যা বাড়লেও গত বছর কিছু সময়ের জন্য দেশে রেমিট্যান্স প্রবাহ তুলনামূলকভাবে কম ছিল। বাংলাদেশ ফরেন এক্সচেঞ্জ ডিলার্স অ্যাসোসিয়েশন (বাফেদা) রেমিট্যান্স রেট ১০৭ টাকায় কমিয়ে আনার পর, গেল বছরের সেপ্টেম্বর থেকে ৬ মাস পর্যন্ত মাসিক রেমিট্যান্স প্রবাহ নেমে গিয়েছিল ২ বিলিয়ন ডলারের নিচে। তবে চলতি বছরের মার্চে মাসিক রেমিট্যান্স প্রবাহ আবারও বেড়ে ২ বিলিয়নে দাঁড়িয়েছে। সংশ্লিষ্টরা বলছেন, দেশের ব্যাংকগুলো এখন ডলারপ্রতি ১১৭ টাকা করে দেওয়া শুরু করায় রেমিট্যান্স প্রবাহ পুনরায় বেড়েছে। বাংলাদেশ ব্যাংকের তথ্য অনুসারে, মার্চে ব্যাংকিং চ্যানেলের মাধ্যমে রেমিট্যান্স প্রবাহ বেড়েছে ২৯.২৯ শতাংশ, যা আগের মাসে ছিল ১.৫ বিলিয়ন ডলার। এদিকে, গত ১০ এপ্রিল পাকিস্তনের গণমাধ্যম জিও নিউজের এক প্রতিবেদনে উল্লেখ করা হয়, রমজান এবং ঈদ উপলক্ষে এ বছরের মার্চে পাকিস্তানে রেমিট্যান্স প্রবাহ বিগত সাত মাসের সর্বোচ্চ হয়েছে। আড়াই বিলিয়ন ডলারে পৌঁছেছে রেমিট্যান্স। এছাড়া প্রতিবেদনে আরও বলা হয়েছে, বিদেশে অবস্থানরত নন-রেসিডেন্ট পাকিস্তানীরা এবার বৈধ চ্যানেলে দেশে রেমিট্যান্স পাঠিয়েছে। আন্তঃব্যাংক ও খোলা বাজারে হারের মধ্যে তারতম্যের কারণে বৈধ চ্যানেলে রেমিট্যান্স পাঠানোয় দেশটিতে তুলনামূলকভাবে এবার রেমিট্যান্স প্রবাহ ছিল বেশি।