Tag Archives: AMA Muhith

Tk 4.64 trillion budget approved for FY19

approved

MNA Business Desk: The cabinet approved the national budget of around Tk 4.64 trillion for the fiscal year 2018-19 on Thursday afternoon, reported news agency. Prime minister Sheikh Hasina presided over the special meeting of the cabinet held at the parliament complex. Finance Minister AMA Muhith placing the national budget for the 2018-19 fiscal in parliament with all the indicators pointing to another expansionary budget in keeping with the AL government’s previous budgets. The figure is an increase of 25 percent from the revised budget and more than 16 percent higher than the original budget of the outgoing fiscal year. ...

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Muhith calls WB ex-chief Zoellick ‘worthless’

Zoellick

MNA Business Desk: Finance Minister AMA Muhith on Monday slammed former World Bank President Robert Zoellick over the Padma Bridge graft conspiracy, calling him a very ‘bad’ and ‘worthless’ person. ‘On the last day of his tenure (June 30, 2011), this former World Bank president cancelled the Padma Bridge loan bringing an allegation that we’re conspiring to appoint a particular consultant and take bribe,’ he said. The minister was speaking at a ceremony marking the distribution of awards among the highest VAT payers of Dhaka International Trade Fair-2018 at the National Board of Revenue (NBR) conference room. He also said ...

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Capital market not a place for speculations

Zoellick

MNA Business Desk: Finance Minister AMA Muhith on Saturday said the share market is not a place for speculations and those who think so are its enemies. ‘The present government has been able to strengthen the base of the country’s share market. Now it’s time for its further development,’ he said. Muhith was addressing the ‘Investors and Entrepreneurs Conference and Investment Education Fair-2018’ in Sylhet, reported news agency. ‘The share market is very important for the empowerment of mass people,’ Muhith said urging potential investors to invest in the share market after attaining proper knowledge about it. BSEC Chairman Dr ...

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Muhith wants more Saudi investments

Zoellick

MNA Business Desk: Finance minister AMA Muhith on Tuesday sought more Saudi Arabian investments in infrastructure, power and other sectors in Bangladesh, saying the government is providing all sorts of supports to the investors. “Since 2015, there is an investment friendly environment in the country. Earlier, Foreign Direct Investment (FDI) was US$1.2 billion, but now it is $2.2 billion,” he told newsmen after a meeting with a Saudi Arabian business team at the commerce ministry in the city. Among others, commerce minister Tofail Ahmed also attended the meeting and briefed the newsmen over the outcome. Executive president of the International ...

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Muhith’s remarks on 16th amendment personal

people

MNA National Desk: Road transport and bridges minister Obaidul Quader on Sunday said the remarks of finance minister AMA Muhith about the Supreme Court’s verdict on the 16th amendment is his personal opinion. Obaidul Quader, the ruling Awami League general secretary, said, “We haven’t issued any statement from the party. We don’t want to say anything rashly. We have been considering the matter calmly.” The minister was replying to reporters after signing an agreement with Japan’s Mitsubishi-Kawasaki consortium to buy engines and bogies for the Metrorail. The senior Awami League leader also said, “There is no reason to be hot ...

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Govt to ban Bidi: AMA Muhith

Bidi

MNA Business Desk: Finance Minister AMA Muhith on Sunday said the government will adopt a policy to ban Bidi as a harmful product for the human body, reported news agency. “Eighty percent of products in country’s tobacco market are of low price and low quality. Of those, it is very much harmful for health,” he told journalists after a meeting with the top tobacco companies, including British American Tobacco (BAT). Among others, Commerce Minister Tofail Ahmed and National Board of Revenue (NBR) Chairman M Noajibur Rahman were also present in the meeting. Mentioning the demand of the tobacco companies to ...

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Expatriate Bangladeshis’ support sought for development

Zoellick

MNA Business Desk: Finance minister AMA Muhith has urged all concerned quarters, including the businessmen, to provide all sorts of supports to the expatriate Bangladeshis for increasing their participation in the country’s development. “Expatriate Bangladeshis want to invest in the country. If we can increase investment from expatriate, it will expedite development of the country,” he said while exchanging views with businessmen at the Sylhet Chamber auditorium on Friday. He said eagerness and spontaneity of Sylhet business community for setting up a special economic zone in the region will play a vital role to increase investment in the area. Muhith ...

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Rice prices will be tamed very soon: Ministers

ministers

MNA Business Desk: Four ministers of the present government on Friday assured that the prices of rice will be tamed very soon as the government has taken various steps in this regard. Answering questions from journalists about the hike in the rice prices at the Finance Minister’s post-budget press meet in the capital’s Osmani Memorial Auditorium, AMA Muhith, Agriculture Minister Matia Chowdhury, Industries Minister Amir Hossain Amu and Planning Minister AHM Mustafa Kamal came up with the assurance. They attributed the hike in the rice prices to the damage of corps in the haor regions by flash-flood. The Industries Minister, ...

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Proposed budget for 2017-18 gets cabinet nod

proposed budget

MNA Business Desk: The cabinet at its special meeting on Thursday approved the proposed budget for the new fiscal year 2017-18. Prime minister Sheikh Hasina presided over the meeting held at the cabinet room of the Jatiya Sangsad Bhaban. The cabinet also endorsed the Appropriation (supplementary) Bill- 2017, and the Appropriation Bill-2017. Finance minister AMA Muhith and other cabinet ministers and state ministers concerned attended the meeting. However, the budget has special significance as it is being placed ahead of the 2019 elections. This is Muhith’s ninth budget in a row and 11th in total. He prepared two budgets when ...

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DCCI proposed 7 percent flat VAT from next FY

Abul Kasem

MNA Business Desk: Dhaka Chamber of Commerce and Industry (DCCI) has proposed a 7% flat VAT rate from the next fiscal year though the government indicates not to bring any change in its plan. “If the government reduces tax and VAT (value added tax) rates, investment will automatically increase,” said DCCI President Abul Kasem Khan. “The IMF officials wished to know how we’ve planned to implement the new VAT. We told them that it’ll come into effect in July and be set at 15 percent for two years,” Finance Minister AMA Muhith said earlier. While addressing a workshop on VAT ...

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Implementation of new VAT law from July 1: Muhith

corporate tax

MNA Business Desk: Finance Minister AMA Muhith on Wednesday repeated his firm stance on implementing the new VAT and Supplementary Duty Act-2012 from July 1. VAT law is mostly enforced and it will be implemented completely from July 2017,’ he said after a meeting with Deputy Managing Director of International Monetary Fund (IMF) Mitsuhiro Furusawa at the Finance Ministry, reported news agency. About the demand of the business community, the finance minister said, the government has already taken various steps, including increasing the limit of exemption, to make the law business-friendly. National Board of Revenue (NBR) has already held a ...

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Deal approved with Posco Daewoo for sea gas exploration

Posco Daewoo

MNA Business Desk: The Cabinet Economic Affairs Committee on Wednesday in principle approved the Energy Division’s proposal to sign the final deal with South Korean Posco Daewoo International Corporation for oil and gas exploration in the deep sea block DS-12. The Cabinet body approved the proposal along with four others in a meeting held with Finance Minister AMA Muhith in the chair. The other proposals include awarding contract to develop Chinese Economic and Industrial Zone with Chinese government’s financing, awarding contract to PowerPac East West-GasMin Consortium to develop and operate Mirsarai Economic Zone, and construction of Khanjahan Ali Airport Construction ...

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Muhith backs 15pc VAT on goods and services again

Zoellick

MNA Business Desk: Finance minister AMA Muhith yesterday reiterated his opinion regarding imposition of 15 percent Value Added Tax (VAT) on goods and services in the next budget in line with the new VAT law. “15 percent VAT will be introduced on goods and services in the next budget. I am strict to my opinion,” said the minister while talking to journalists at his secretariat office here. About the demand of business community for imposition of VAT at different rates on various sectors, Muhith said this demand will be considered in future but initially one rate is good. More or ...

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World Bank to give $1 billion aid for childcare

aid

MNA National Desk: The World Bank President Jim Yong Kim has assured to raise its aid to Bangladesh by 50 percent. Kim said that WB will also give an extra $1 billion for tackling malnutrition and childcare at a press conference. The money will be given in the next two years and spent for improving child health and nutritional situation, the WB chief pointed out. “We are with Bangladesh. We continue to assist Bangladesh in several areas including climate change, infrastructure development,” Kim said on Monday after meeting Finance Minister AMA Muhith. The finance minister at the Secretariat said, “The ...

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