Tag Archives: fiscal

Parliament passes Finance Bill with some changes


MNA National Desk: The parliament has passed the Finance Bill for 2019-20 fiscal year with some changes related to taxes and recommended by Prime Minister Sheikh Hasina. The changes include tax on stock dividends, retained earnings and reserves of listed companies. The lawmakers passed the Bill after Hasina made the recommendations on the proposed budget on Saturday, reports bdnews24.com. On June 13, Finance Minister AHM Mustafa Kamal unveiled a Tk 5.23 trillion spending plan for fiscal 2019-20, which is an 18 per cent increase from the revised budget of the outgoing fiscal year. The budget proposed to impose 15 per ...

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Toshiba net profit up 26% in fiscal 2018


MNA Business Desk: In the year that ended March, Japanese engineering firm Toshiba’s net profit jumped 26.0 percent to 1.01 trillion yen ($9 billion), chiefly because of profit from completion of the sale of the Memory business. Toshiba “achieved a healthier financial condition by closing the sale of the Memory business, advancing structural reforms that included finalising the sale of the PC business and decided to withdraw from a nuclear power construction project in the UK,” said the company, AFP reports. But the firm said its operating profit dropped 58.9 percent to 35.4 billion yen, partly due to restructuring costs, ...

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Tax rates, fiscal measures to be consistent: Finance Minister

Finance Minister

MNA Business Desk: Finance Minister AHM Mustafa Kamal on Sunday pledged to maintain consistency in tax rates and other fiscal measures and frame a simple budget from the next fiscal year (FY). In a meeting with income tax officials, Mr Kamal asked the taxmen to avoid issuance of statutory regulatory orders (SROs) after budget except for any national urgency. The tax officials, who attended the closed-door meeting at the Economic Relations Division, said such SROs that are usually issued bypassing parliament do affect the government’s policy guidelines. Top income tax officials and National Board of Revenue (NBR) Chairman Md Mosharraf ...

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Concern over rising imports of Bangladesh


MNA Business Desk: Economist Ahsan H Mansur believes imports spending may balloon to $60 billion this fiscal year. At the current exchange rate, the amount would be approximately Tk 5 trillion, which is Tk 1 trillion more than the national budget for fiscal 2017-18 and Tk 500 billion more than the probable budget for the coming fiscal year. Mansur said the rapid rise was a matter of some concern. “According to my calculations, the country’s import spending will pass $60 billion,” he said. Asked about the cause of the deficit, executive director of Policy Research Institute Ahsan Mansur said, “The ...

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Balance of Payment deficit increases

Balance of Payments

MNA Business Desk: Bangladesh’s Balance of Payments (BOP) deficit is up at the end of the first quarter of the current fiscal year. It had $ 793 billion at the end of the July-December quarter of 2016-17 fiscal. At the end of the first quarter of the last fiscal (July Dec 2015-16), the BOP deficit stood at $ 504 million. Bangladesh had ended fiscal 2015-16 with a BOP surplus. The trend continued until September 2016 after which the deficit started to mount. Another significant cause for the rising BOP deficit is spending on equipment for the construction of Padma Bridge ...

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Bangladesh’s net FDI crossed $2 billion


MNA Business Report: Bangladesh’s net FDI (Foreign Direct Investment) in a fiscal year has crossed the $2 billion mark for the first time in the history. The latest BOP (Balance of Payment) statistics published by Bangladesh Bank showed that the net FDIs in the last fiscal year 2015-2016 stood at $2.001 billion, up by 9.34% from the previous financial year. Net FDI inflow is counted by deducting the disinvested amount from the gross flow. FDIs in Bangladesh come as equity capital, reinvested earning and intra-company loan, making up the Gross Flow. Most of the FDIs coming in last year were ...

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Bangladesh inflation lowest in 12 years


MNA Business Desk: Bangladesh inflation stood at 5.92% on average in fiscal year 2015-2016, the lowest in 12 years and even lower than the government’s financial target of 6.2%. Bangladesh Bank detained a rise in inflation last fiscal year for the pay rise of government staff, but it fell 0.49 fraction points over fiscal year 2014-2015. However, in fiscal year 2014-2015, inflation was rated 6.41%. “Inflation has declined mainly due to satisfactory agricultural production, reduction of commodity prices, including fuel in the international market, prudent macroeconomic management and a normal flow in the supply of goods thanks to political stability,” ...

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Finance bill passed with 0.7pc source tax for exporters


MNA Business Desk: Finance bill has been passed with 0.7pc source tax for exporters. The National Parliament on Wednesday passed the Finance Bill, 2016 with some changes and limiting tax at source on export incomes. The tax at source on export earnings will be 0.7%, down from 1.5% in the suggested budget for 2016-17 fiscal. It was 0.6% in the outward fiscal year. The proposed 15% VAT was completely withdrawn on the rent or place and establishments of the ICT-related service organizations. AMA Muhith, Finance minister, moved the bill which was passed by voice vote. Muhith explained his high expectations ...

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Budget for 2016-17 fiscal year


MNA Editorial Desk: AMA Muhith, Finance minister, is set to place the national budget for the next fiscal year, 2016-17 at parliament on Thursday afternoon with a likely outlay of Tk. 340,605 crore (3.4 trillion) aiming to create more jobs, wooing investment and speeding up the implementation of a clutch of ‘transformational’ mega-projects. Muhith will place his 8th successive budget as finance minister of the AL-led coalition that has been in power since 2009, and his own 10th overall, putting him in a tie with the late Saifur Rahman. Muhith is projected to start his demonstration using PowerPoint at 3pm. ...

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