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Finance Bill Is Being Placed In JS Today

Finance Bill Is Being Placed In JS Today. File Photo: Collected

Finance Bill Is Being Placed In JS Today. File Photo: Collected

The National Parliament will pass the Finance Bill-2024 today (Saturday). Finance Minister Abul Hassan Mahmood Ali will present the bill in the budget session of Parliament at 4 pm today.

Besides, the budget for the fiscal year 2024-25 will be passed on Sunday. The new budget will come into effect from Monday (July 1).

According to sources in the Parliament Secretariat, a general discussion will be held on Saturday about the fiscal year 2024-25 budget, the demand for budgetary approval and the specification of the liable expenditure. Finance Minister Abul Hassan Mahmood Ali will propose implementing the government's financial proposals and accepting the Finance Bill-2024, which has amended some laws, for immediate consideration. The finance minister will then propose to pass the bill to implement the government's financial proposals and amend some laws.

It is known that among the proposals raised in this year's budget, the most discussed issue is allowing turning black money into white by paying a 15 per cent tax. Even if the matter is discussed, no change will be made in this proposal. Besides, in the budget proposal, the finance minister said to impose a capital gain tax on capital market investors. Although there are various objections from the investors, it is not being taken into account. In the Amended Budget, the decision to impose a tax on profits up to Tk 50 lakh may continue as before.

According to the sources, there are going to be some minor changes related to income tax and customs in the new Finance Bill. The National Board of Revenue (NBR) is withdrawing from the decision to withdraw tax holidays for private economic zones and hi-tech parks, especially under the pressure of domestic and foreign entrepreneurs. In other words, the tax holiday benefits of these regions and parks remain as before.

At the same time, import duty on capital equipment of industries established in economic zones is also being kept at zero per cent as before. In addition, the proposed budget abolishes the duty-free facility of imported machinery for the construction or development of private economic zones and imposes a 1 per cent duty. 1 per cent duty is also levied on capital machinery for industrial establishment. Besides, the benefit of duty-free import of cars for investors was cancelled.

While presenting the budget, the finance minister proposed imposing a 25 per cent duty on car imports to members of parliament. The finance minister said that steps are being taken to encourage all citizens to pay taxes.

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