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The budget of 2024-25 fiscal year to pass today
Rtv news
30 Jun 2024, 12:11
Photo: File Picture
With the slogan 'Commitment to building a happy, prosperous, developed and smart Bangladesh', this year's budget has been estimated at Tk 7 lakh 97 thousand crores. The size of this 53rd budget of the country is increasing by 4.6 percent than the previous budget. The proposed budget is being passed today without any major changes.
The Finance Minister will present the proposed budget for the financial year 2024-25 in the National Parliament on Sunday (June 30). Later it will be passed by voice vote of the members of Parliament.
Finance Minister Abul Hassan Mahmood Ali presented the budget for the fiscal year 2024-25 in the National Parliament on June 6. This is going to be his first budget as finance minister.
Earlier on Saturday (June 29), the National Parliament passed the Finance Bill-2024 with some amendments. By adopting an amendment to the bill before the bill is passed, the parliamentarians' right to import duty-free cars is upheld. Besides, black money has been given an opportunity to be white by paying 15 percent tax.
The budget for the fiscal year 2024-25 is about Tk 36 thousand crore more than the previous budget of the current fiscal year. It has set a growth target of 6.75 percent and inflation at 6.5 percent.
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ACC to file two cases against Benazir, his wife and daughters
The Anti-Corruption Commission (ACC) has filed a case against former Inspector General of Police (IGP) Benazir Ahmed, his wife and two daughters. The agency is preparing the case on the basis of the evidence found in the investigation of their illegal wealth.
Confirming the matter, a reliable source of ACC said that the ACC summoned Benazir on Thursday (June 6). His wife Zeeshan Mirza, eldest daughter Farheen Rishta bint Benazir and younger daughter Tahsin Raisa bint Benazir have been summoned on June 9.
Sources said that the former IGP fled the country with his wife and daughters. In this situation, the ACC will file two cases.
According to sources, a case will be filed against Benazir and her family on charges of acquiring illegal wealth. The ACC will also file another 'non-submission' case. If found guilty of amassing wealth beyond known sources of income, the punishment is 10 years in jail. In addition, Benazir and his wife and daughters could be sentenced to three years more in the non-submission case.
On condition of anonymity, an ACC official said notices will be sent to Benazir and her family members soon seeking their account of assets. If no one is found to receive the notice, it will be hung on the wall of the house. However, according to the news, it is believed that Benazir Ahmed will not be able to receive the notice as she has left the country with her family. In this case, there will be a 'non-submission' case.
In March, a national daily published a report accusing former IGP and Director General of Rapid Action Battalion (RAB), Benazir Ahmed of amassing huge wealth. Barrister Syed Sayedul Haque Suman, MP of Habiganj-4 (Madhabpur-Chunarughat) constituency, appealed to the ACC chairman to investigate the matter.
30pc freedom fighters quota reinstate in govt jobs
The High Court has ordered to reinstatement 30 percent quota for freedom fighters in government jobs.
On October 4, 2018, a circular was issued abolishing 10 percent quota for women, 30 percent for freedom fighters and 10 percent for district quota.
On December 6, 2021, the High Court issued a rule asking why the circular should not be declared illegal.
The order was passed on Wednesday (June 5) after hearing the rule. It has been said that the circular issued in 2018 is illegal.
Secretaries to the Cabinet Division, Liberation War Affairs Ministry, Public Administration Ministry, Public Service Commission Chairman and others concerned have been made respondents to the rule which is returnable in seven days.
Budget 2024-25: Commodity prices may go up and down
Finance Minister Abul Hassan Mahmood Ali presented the first budget of the 12th National Parliament on Thursday (June 6) at 3 pm. He started raising the proposed budget of Tk 7 lakh 97 thousand crore for the new financial year.
Every year after the announcement of the new budget, the prices of several products change. By withdrawing duties and taxes on some products, the prices of some products are reduced. Again, due to the imposition of new taxes on some products, the prices of many products increased.
The budget proposes to increase and decrease the prices of the following products.
Commodities those prices may rise:
Cigarettes
The price of all types of cigarettes is set to increase. A 60 to 65.5% supplementary duty hike on various categories of cigarettes has been proposed.
Phone and Internet services
The supplementary duty may increase SMS and call rates and internet costs.
Oils
Prices of furnace oil, lubricants, mineral lubricants, and base oil are likely to increase.
CNG Conversion Kits, and Cylinders
Import duty is proposed to increase from 3% to 5% on these goods. So, the expenditure may grow in this sector.
Power Plants
Import duty on equipment and materials for the Rampal power plant as well as various power generating stations has been increased from 0 percent to 5 percent.
Establishments at Economic Zones
It has been proposed to levy a 1 percent customs duty instead of a subsidised facility (duty-free) on the import of capital machinery and construction materials in economic zones.
Air conditioners and Refrigerators
Import duties on compressors and steel sheets used in AC production as well as raw materials for refrigerators have been proposed to increase. As a result, the price of air conditioners and refrigerators may increase.
Water Filters
The price of household water filters may increase as the import duty on these has been proposed to increase from 10 percent to 15 percent to promote the local manufacturers.
LED Bulbs
A proposed 10 percent import duty on energy-saving bulb manufacturing materials may raise the price of LED bulbs.
Car
Currently MPs can import cars at duty-free facilities. The finance minister has proposed to impose 25% supplementary duty and 15% VAT on the import of cars in the proposed budget by canceling this benefit in the budget to reduce inequality. On the other hand, some specific conditions have been added in the proposed budget to exempt hybrid and non-hybrid type cars to prevent duty evasion in luxury cars. As a result, prices of luxury cars are likely to increase.
Generator
Again, the use of generators in homes or industries is increasing to deal with load shedding. NBR has also looked there. One percent duty is being levied on the import of materials or parts used in the assembly and manufacture of generators. Therefore, the price of generator may increase in the market of the country.
Soft drinks and Energy drinks
VAT on soft drinks, carbonated beverages, energy drinks, mango bar may be increased from 5 to 10%. Apart from this, the minimum tax on carbonated beverages may be increased by another 2% to 5%. As a result, these products have to be bought at a higher price.
Fruit Juice
Apart from this, in the new budget, the finance minister proposed to increase the VAT rate from 5% to 15% on the production of mango bar, fruit juice, tamarind juice, guava juice, pineapple juice etc.
Cashew Nuts
A 5% to 10% import duty on shelled cashew nuts has been proposed as part of safeguarding the domestic industry. So, the price of these delicacies may increase.
Hospital Equipment
Importation of medical devices and equipment is allowed at duty free facility of referral or specialized hospital at 1% duty subject to compliance of certain conditions. In the next budget, the finance minister has proposed to increase the import of over 200 medical devices and equipment to 10%, which may further increase the medical expenses of critically ill patients.
Cosmetics
VAT is being increased on cosmetic products in the budget. Supplementary duty is being increased on cosmetics, lipstick, hair care products. Therefore, the prices of cosmetics items may increase.
Mobile Talking
If the scope of revenue collection is increased, the consumer will have to pay more for talking on mobile. At present, a consumer can talk about 73 taka if he recharges his mobile by 100 taka. The mobile operators deduct the remaining 27 taka as VAT and supplementary duties. If the 5 percent supplementary duty on mobile services is increased in the proposed budget, the consumer will be able to talk about 68 taka.
Security Services
In addition, security services have become almost essential in various sectors including homes, offices, and business establishments in big cities including the capital Dhaka. Now 10% Value Added Tax (Musak) or VAT has to be paid for taking such security services. The finance minister has proposed to increase it to 15% in the next budget.
Lease of Markets
In order to increase non-tax revenue, the rental price of markets at district, upazila and even union level will increase slightly in the next budget. Along with that, the land registration fee will also increase.
Entertainment Expenses
Many people visit amusement parks and theme parks to spend time with their families. Currently, 7.5% VAT is levied on entry and rides in amusement parks and theme parks. It is being increased to 15%. This will increase the cost of visiting the park.
Excise duty on the Rich
Of course, the rich are being overtaxed this time. Currently, the rich class pays income tax at 25%, in the future it will be 30%. Income tax at the rate of 30% will be paid if the annual income reaches 38 lakh 50 thousand taka. On the other hand, the bank excise duty is also being increased. Excise duty of Tk 1 lakh per year will be deducted from bank accounts above Tk 5 crore.
Other Products
Prices may also increase for products such as ice cream, amusement parks, and tourism services as the ministry also proposes VAT on these sectors.
Commodities whose prices may fall:
Essential commodities
The import duty of 30 essential commodities including rice, edible oil, sugar, chickpeas, milk and wheat has been proposed to be reduced.
Aircraft Engines & propellers
VAT withdrawal on imports of aircraft engines and propellers has been proposed considering the prospect of the aviation sector.
Powdered milk
A 20% supplementary duty on the import of packaged powdered milk has been withdrawn. This may reduce the price of imported powdered milk.
Laptops
VAT has been withdrawn on the import of laptops to stop the import of used laptops. Import duty has been reduced to about 20.50% from 31%.
Motorcycles
Import duty on engine parts has been reduced which may bring down the price of motorcycles under 250cc made in the country. However, price of motorcycles above 250cc is expected to rise.
Dengue test kits
Exemptions of import duty, value-added tax, and advance tax on rapid dengue detection test kits, dengue re-agents, and platelet and plasma test kits for dengue treatment have been proposed.
Kidney treatment
The import duty on dialysis filters and dialysis circuit products, the most popular tools for treating kidney patients, has been reduced from 10% to 1%.
Cancer Treatment
Import duty waiver on some equipment used in the treatment of cancer has been proposed. Apart from this, the concessional facility for the import of raw materials required for the production of medicines, medical equipment and health protection equipment will continue in the next financial year.
Carpets
Import duty on polypropylene yarn, the main raw material for making carpets, has been reduced from 10% to 5%.
Electric Motors
A subsidy has been proposed to increase the import of parts used in the production of electric motors.
Methanol: Methanol is one of the raw materials of industries such as medicine, washing plants, paint etc. The import duty rate has been reduced from 10% to 5% if this product is imported in bulk.
Agricultural machinery
Prices of agricultural machinery may decrease. Tariff benefits on import of agricultural inputs will be continued.
Foreign Chocolates
In the proposed budget, the Finance Minister has proposed to reduce the supplementary duty on import of chocolate from 45% to 20%. Due to this, the price of imported chocolate may decrease.
Switch-Socket
The price of switch-sockets used in households may decrease. Because the import duty of raw materials used in the production of switch-sockets, holders manufactured in the country is being reduced.
New price determination of gold
Bangladesh Jewelers Association (BAJUS) set the price of 22 carat solid gold at Tk 1 lakh 15 thousand 882 after reducing the price by Tk 1 thousand 295 in the market. It will be effective from Sunday (June 9).
This information was given in a press release signed by Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of Bangladesh Jewelers Association (BAJUS) on Saturday (June 8).
Announcement of new schedule of Bank transactions
Bangladesh Bank announced the new schedule of bank transactions.
In a circular issued by Bangladesh Bank on Sunday (June 9), it is said that from June 19, bank transactions will continue from 10 am to 4 pm.
Apart from this, the offices of the banks will be open from 10 am to 6 pm. There will be weekend on Friday and Saturday.
Bangladesh Bank issued this directive under the authority of Section 45 of the Bank Companies Act, 1991.
Meanwhile, currently bank transactions are open from 10 am to 3:30 pm and bank offices are open from 10 am to 5 pm.
Results of postponed 19 Upazila Polls
Due to Cyclone Remal, the election of 19 upazilas out of 20 postponed in the sixth Upazila Parishad general election. It was held yesterday. Polling started on time in 181 centers on Sunday (June 9), which continued till 4 pm. Out of this, only EVM votes were taken in Mathbaria of Pirojpur. Upazila Parishad elections have been completed by voting in these 19 upazilas.
While there were complaints of various irregularities during the polling, no major untoward incident was reported.
The list of elected chairmans in 19 Upazilas:
Jhalakathi: Emadul Haque Monir has been elected as Chairman for the second time in a row in Kathalia Upazila Parishad elections. Meanwhile, Milon Mahmud Bachchu was elected privately in the Rajapur Upazila Parishad elections. Emadul Haque Monir got 20 thousand 375 votes in Kanthalia. His closest rival Golam Kibria Sikder got 12,681 votes. Milon Mahmud Bachchu got 21 thousand 50 votes in the Rajapur Upazila Parishad elections. His nearest rival Afroza Akhtar Laizu got 16 thousand 820 votes.
Barishal: Municipal Awami League president Monir Hossain Mia has been elected as the Chairman of Upazila Parishad in Gournadi of the district. He received 40 thousand 443 votes. His nearest rival Upzilla Awami League general secretary Harichur Rahman got 36 thousand 924 votes.
Upazila Awami League general secretary Jatindra Nath Mistry has been elected Chairman in Agailjhara upazila. He got 26 thousand 758 votes. His nearest rival Agailjhara Upazila Awami League Vice President Abdur Roich Sherniabat got 25 thousand 869 votes.
Bagerhat: Senior Vice President of Upazila Awami League Abu Taher Howladar has been elected as Chairman of Mongla Upazila Parishad of the district. He got 27 thousand 902 votes. His closest rival is General Secretary of Upazila Jubo League. Iqbal Hossain got 18 thousand 417 votes.
Upazila Freedom Fighter Commander, Morrelganj Awami League Vice President Md. Liakot Ali Khan was elected as Morrelganj Upazila Parishad Chairman. He received 38 thousand 399 votes. His closest rival is the convener of the Upazila Awami Jubo League Md. Mozammel Haque received 26 thousand 729 votes.
Upazila Awami League vice president, current chairman Raihan Uddin Akon Shanto has been re-elected as Chairman of Sharankhola Upazila Parishad. He received 30 thousand 192 votes. His closest rival is General Secretary of Upazila Awami League Asaduzzaman Milon got 18 thousand 815 votes.
Patuakhali: The current chairman of Mirzaganj Upazila Parishad, district Awami League relief and social welfare affairs secretary Khan Md. Abu Bakar Siddiqui wins again. He got 24 thousand 850 votes. His closest rival is the current vice chairman of the council and the former president of Upazila Chhatra League Zahirul Islam got 20 thousand 892 votes.
Former member of District Jubo League at the Patuakhali district Rezaul Karim was elected privately.
Expatriate Awami League leader Kawsar Amin Howladar has been privately elected as Chairman of Dumki Upazila Parishad.
Netrokona: Former General Secretary of Khaliajuri Upazila Jubo League of the district Shamchuzzaman Talukder has won the post of Chairman. He got 20 thousand 603 votes. His nearest rival former upazila chairman Kibria Jobbar got 18 thousand 15 votes.
Barguna: Enamul Hossain has won in Patharghata Upazila Parishad elections of the district. He is the former General Secretary of Patharghata Upazila Chhatra League. Upazila Awami League organizational secretary Md. Mizanur Rahman.
has been elected as Chairman of Bamna upazila.
Pirojpur: Md Bayezid won in Mathbaria upazila of the district. He is the former president of Dhaka Metropolitan South Chhatra League.
Khulna: Upazila Awami League Joint General Secretary Anando Mohon Biswas has won the post of Chairman in Paikgacha Upazila Parishad elections.
District Awami League member Gazi Ejaz Ahmed has been re-elected as Chairman in Dumuria.
GM Mohsin Reza was elected in Koira upazila. He is the president of Upazila Awami League.
Bhola: BNP leader Akhtaruzzaman has won the Lalmohan Upazila Parishad election in the district. BNP has two committees in Lalmohan. Akhtaruzzaman is the general secretary of one of these committees.
On the other hand, upazila Awami League general secretary Fazlul Haque Dewan was elected as Chairman in Tazumuddin, Bhola.
New army chief Waker-uz-Zaman
Lieutenant General Waker-uz-Zaman has been appointed as the Chief of Army.
The Inter-Services Public Relations (ISPR) informed this information in a circular on Tuesday (June 11).
Zaman was born in Sherpur District on 16 September 1966.
Zaman graduated from Defence Services Command and Staff College. He studied at the Joint Services Command and Staff College in the United Kingdom. He holds a master's degree in defence studies from Bangladesh and a Master of Arts in defence studies from King's College, University of London.
Waker-uz-Zaman OSP, SGP, PSC assumed the duties of Chief of General Staff of Bangladesh Army on 01 January 2024. An alumnus of Bangladesh Military Academy, the General was commissioned in the Corps of Infantry on 20 December 1985. Having an illustrious and colourful career of more than three and half decades, Lieutenant General Waker brings with him an enormous amount of experience of holding key command, staff and instructional appointments.
In his distinguished military career, Lieutenant General Waker Commanded an Infantry Battalion, the only Independent Infantry Brigade of BD Army and an Infantry Division. His key staff appointments include staff officer at an Infantry Brigade, School of Infantry and Tactics and Army Headquarters. He was a distinguished instructor at 'School of Infantry and Tactics', 'Non-commissioned Officers' Academy' and Bangladesh Institute of Peace Support Operations Training'. Lieutenant General Waker served as the Military Secretary in Army Headquarters. Prior to joining as the CGS of BD Arrny, he performed as Principal Staff Officer of Honourable Prime Minister at Armed Forces Division under Prime Minister's Office.
As the head of the Armed Forces Division, he was directly involved with the UN Peacekeeping Affairs of Bangladesh Armed Forces. He was also nominated as a Gender Champion and Gender Advocate of Bangladesh for UN Peacekeeping Affairs. By virtue of his appointment as Principal Staff Officer, he also headed the 'Bangladesh National Authority for Chemical Weapons Convention' as Chairman. Under the Blue Helmet, Lieutenant General Waker completed two tours of duty as observer and staff in UNAVEM (Angola) and UNMIL (Liberia) respectively. As the CGS of the BD Army, he is responsible for the military operations, military intelligence, UN peacekeeping affairs, budget, and many other affairs of the BD Army.
Lieutenant General Waker had the rare privilege of commanding the National Victory Day Parade for three consecutive times. He was awarded the coveted 'Army Medal of Glory (SGP) and Extraordinary Service Medal (OSP) for his remarkable contributions in the modernization of the army. He frequents as a keynote speaker in different seminars and symposiums both at home and abroad. He enjoys games and sports. He is happily married to Sarahnaz Kamalika Zaman and blessed with two daughters: Samiha Raisa Zaman and Shayeera Ibnat Zaman.
From June 23 BA-2902 Lieutenant General Waqar-uz-Zaman (OSP, SGP, PSC, Chief of General Staff-CGS) has been promoted to the rank of General and appointed as Army Chief for the next three years from that day.
According to the notification, he will receive emoluments as per the Chiefs of Defense (Recruitment, Pay, Allowances and Other Benefits) Act, 2018.
