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Cabinet approves proposed budget
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06 Jun 2024, 12:56
Photo: Collected
The cabinet has approved the national budget for the fiscal year 2024-25. The cabinet approved the proposed national budget for the fiscal year 2024-25. The approval came from the special meeting of the cabinet held at the Jatiya Sangsad Bhaban. The meeting was presided over by Prime Minister Sheikh Hasina.
Finance Minister AH Mahmood Ali is going to place the national budget for 2019-20 fiscal year at 3:00pm.
The meeting started at 12 noon on Thursday (June 6) with Prime Minister Sheikh Hasina in the chair. The budget will be the 53rd budget of the country, the 25th of the Awami League government and the first budget of this finance minister.
The size of the proposed budget may be Tk 7 lakh 96 thousand 900 crore. This is Tk 36,000 crore more than the previous financial year (2023-24). The size of the budget for the current fiscal year was Tk 7,61,000 crore.
According to the Ministry of Finance, the revenue target in the budget is Tk 5 lakh 41 thousand crore. The target of taking loans will be Tk 2,56,000 crore. The Annual Development Program (ADP) of Tk 2,65,000 crore has already been approved.
Recently, State Minister for Finance Waseqa Ayesha Khan said controlling inflation, diversification of export products, creating employment and increasing opportunities for marginalized people will be the priorities of this year's budget.
The theme of the budget for the next fiscal year would be 'Pledge towards building a happy, prosperous, developed and smart Bangladesh'.
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Gold prices slashed by Tk 1283 per bhori
In the last two days, the price of gold has fallen in the country's market. Bangladesh Jewellers Association (Bajus) has fixed the price of 22 carat gold at Tk 1,17,177 per bhori.
The new prices will be effective from Sunday (May 26).
The price has been reduced in view of the decrease in the price of Tejabi gold in the local market.
Earlier, on May 23, the price of gold fell in the country's market after increasing six times in a row.
Buyers prefer Delhi airport as higher tariff make Dhaka unattractive
As India offered lower tariff, International clothing retailers and brands sourcing from Bangladesh prefer the Delhi's Indira Gandhi International Airport to Hazrat Shahjalal International Airport to carry goods.
The tariff at Hazrat Shahjalal International Airport in Bangladesh is so high and for that reason the buyers from Bangladesh choose their goods to travel a distance of nearly 1,900 kilometres in trucks to Delhi via Benapole and Petrapole port.
It costs only $1.2 to transport one kilogramme of readymade garments items to sent via Delhi's Indira Gandhi International Airport. On the other hand, it charges $3 from Hazrat Shahjalal International Airport to destinations in Europe.
The higher rate of tariffs including value-added tax, ground handling and service charges are mainly driving the buyers away from Hazrat Shahjalal International Airport.
A data from the civil aviation and tourism ministry said, in July-March, an entirety of 1,65,000 tonnes of cargoes were shipped from Dhaka of the current fiscal year, Of them, the garment items were 1,34,000 tonnes, vegetables, fruits and other items were 30,000 tonnes.
Meanwhile, in 2022-23, about 1,67,000 tonnes of cargoes were sent abroad via the airport. Of them it includes, 142,000 tonnes of garment products including 24,000 tonnes of fruits, vegetables, and allied food items.
An aviation expert named Kazi Wahidul Alam said that more than 8,000 tonnes of cargoes, especially those containing garment items, were diverted from Dhaka to Delhi last year only for higher tariffs to carry goods.
"The volume is higher this year as buyers are increasingly finding Delhi airport more competitive for their business, 50 tonnes of cargoes are redirected from Dhaka to Delhi every day on average." he added,
For the higher charges, local airlines including freight forwarders, courier companies and many other related sectors are losing their business.
Eight private airlines who tried to do business on the domestic routes of Bangladesh could not become competitive because of higher tariffs, Wahidul Alam said.
The users have a long complain about thefts of goods from the cargo, products left unattended, and the deterioration of the quality of items as well.
Tow leading aircraft company Qatar and Etihad used to carry cargoes from Dhaka in dedicated flights even a few years ago. But now, the companies have either suspended their flights or reduced their capacity to carry cargoes.
Nearly, 60 percent of all cargoes transported by air from Bangladesh are carried by passenger aircraft.
Food inflation rises in May
The country's inflation rose 0.15 percent to 9.89 percent in May this year. In April, the inflation rate was 9.74 percent.
This information was released by the Bangladesh Bureau of Statistics (BBS) on Monday (June 3).
The latest BBS data shows that non-food inflation decreased in May, but food inflation increased exorbitantly. Food inflation rose to 10.76 percent while non-food items rose to 9.19 percent. Urban areas have had a higher inflation impact than rural areas.
Urban areas had higher inflation effects than rural areas. Inflation is 9.99 percent in urban areas and 9.72 percent in rural areas.
In March, food inflation in urban areas was 10.86 percent, non-food inflation was 9.03 percent, food inflation in rural areas was 10.73 percent and non-food inflation was 9.31 percent.
Proposed budget for the fiscal year 2024-25 is Tk 7,97,000 crore
The proposed budget for the fiscal year 2024-25 is Tk 7,97,000 crore. The target of the National Board of Revenue (NBR) has been set at Tk 4,80,000 crore. Besides, the budget deficit is Tk 2 lakh 56 thousand crore.
The budget for the new fiscal year will be placed in the parliament on Thursday (June 6).
The size of the budget has been increased by 4.62 percent compared to the current financial year. In the budget, the target of foreign loan has been set at Tk 1,27,200 crore. The target of loan from the bank is Tk 1 lakh 37 thousand 500 crore. The cost of loan interest payment has been estimated at Tk 1,13,500 crore.
Notably, the target of sale of savings bonds has been fixed at Tk 15,400 crore.
Budget 2024-25: Which items to get costlier?
The first budget of the present government will be announced on Thursday (June 6). Prices of several products may increase in the budget of the next financial year (2024-2025). There will be an announcement to increase duty on these goods and materials and to impose VAT. This year's proposed budget is Tk 797,000 crore.
The budget for the new fiscal year will be placed in the form of a proposal on Thursday (June 6). The main slogan of the 53rd budget is to build a happy, prosperous, developed and smart Bangladesh.
Prices of commodities that are likely to increase
Cigarettes
Like every year, supplementary duty and price level are being increased at the cigarette production stage in the next budget. So the price of all types of cigarettes will increase.
Mobile SIM card
The tax on the sale of SIM cards by mobile operators may increase from Tk 200 to Tk 300. As a result, customers may have to buy SIM cards at higher prices.
Talk on mobile will cost extra charge
The consumer will have to pay more to talk on mobile. At present, a consumer can talk about 73 taka if he recharges 100 taka on mobile. The remaining Tk 27 was deducted as VAT and supplementary duty. If the 5 percent supplementary duty on mobile services is increased in the proposed budget, consumers will be able to talk about Tk 69.35.
Car
At present, MPs can import cars with duty-free facilities but there is a proposal to impose 25 percent supplementary duty and 15 percent VAT on the import of cars in the proposed budget.
On the other hand, some specific conditions are being added to the proposed budget to exempt hybrid and non-hybrid type cars. As a result, the price of luxury cars is likely to increase.
Cashew nut
As part of protecting cashew nut cultivation in the country, the duty on import of peeled cashew nuts is being increased from 5 per cent to 10 per cent. This may increase the price of cashew nuts.
Soft Drinks & Energy Drinks
VAT on soft drinks, carbonated beverages, energy drinks and mangoes may be increased from five to 10 percent. In addition, the minimum tax on carbonated beverages may be increased by two percent to five percent. As a result, these products will have to be bought at higher prices.
Air conditioners
Many people are buying air conditioners or ACs to get relief in the heat. In the next budget, considering AC as a luxury product, the duty on compressors and all types of materials used in AC production in the country is being increased. So the price of AC may increase.
Water filter
Duty on the import of water filters used in homes is being increased. The import duty on water filters is being increased from 10 percent to 15 percent. So the price of water filters used in households may increase.
Cost of importing hospital equipment will increase
Subject to compliance with certain conditions, there is an opportunity to import medical instruments and equipment at one percent duty on referral or duty exemption facility of specialized hospitals. In the next budget, it may be increased to 10 percent for the import of more than 200 medical instruments and equipment, which can further increase the cost of treatment of critically ill patients.
The proposed budget for the fiscal year 2024-25 is Tk 7,97,000 crore. The target of the National Board of Revenue (NBR) has been set at Tk 4,80,000 crore. Besides, the budget deficit is Tk 2 lakh 56 thousand crore.
The size of the budget has been increased by 4.62 percent compared to the current financial year. In the budget, the target of foreign loan has been set at Tk 1,27,200 crore. The target of loan from the bank is Tk 1 lakh 37 thousand 500 crore. The cost of loan interest payment has been estimated at Tk 1,13,500 crore.
53rd budget for the FY2024-25 to be unveiled in Parliament
The country's 53rd budget is going to be presented on Thursday (June 6). Finance Minister Abul Hassan Mahmood Ali is going to place the national budget for 2024-25 fiscal year in the parliament. This will be his first budget announcement and the first budget of the fourth consecutive term of the government led by Prime Minister Sheikh Hasina.
Finance Minister will present the proposed budget in the parliament at 3 pm.
According to the Ministry of Finance, the amount of the proposed budget will be Tk 7 lakh 97 thousand crore. The revenue target in the budget is Tk 5 lakh 41 thousand crore. The target of taking loans will be Tk 2,56,000 crore. The Annual Development Program (ADP) of Tk 2,65,000 crore has already been approved.
The theme of the budget for the next fiscal year would be 'Pledge towards building a happy, prosperous, developed and smart Bangladesh'. The budget session is usually long. The budget is expected to be passed on June 30.
According to the National Board of Revenue, several essential commodities may get tax exemption benefits this time to control inflation.
Cabinet approves proposed budget
The cabinet has approved the national budget for the fiscal year 2024-25. The cabinet approved the proposed national budget for the fiscal year 2024-25. The approval came from the special meeting of the cabinet held at the Jatiya Sangsad Bhaban. The meeting was presided over by Prime Minister Sheikh Hasina.
Finance Minister AH Mahmood Ali is going to place the national budget for 2019-20 fiscal year at 3:00pm.
The meeting started at 12 noon on Thursday (June 6) with Prime Minister Sheikh Hasina in the chair. The budget will be the 53rd budget of the country, the 25th of the Awami League government and the first budget of this finance minister.
The size of the proposed budget may be Tk 7 lakh 96 thousand 900 crore. This is Tk 36,000 crore more than the previous financial year (2023-24). The size of the budget for the current fiscal year was Tk 7,61,000 crore.
According to the Ministry of Finance, the revenue target in the budget is Tk 5 lakh 41 thousand crore. The target of taking loans will be Tk 2,56,000 crore. The Annual Development Program (ADP) of Tk 2,65,000 crore has already been approved.
Recently, State Minister for Finance Waseqa Ayesha Khan said controlling inflation, diversification of export products, creating employment and increasing opportunities for marginalized people will be the priorities of this year's budget.
The theme of the budget for the next fiscal year would be 'Pledge towards building a happy, prosperous, developed and smart Bangladesh'.
