Md Asaduz Zaman

Riding mainly on monthly growth in December and January, revenue collection in the first seven months of fiscal year (FY) 2024-25 returned to positive territory.

Tax compliance is a vital pillar of a country’s economic stability. But in Bangladesh, despite various government efforts to widen the tax net, an alarming 65 percent of eligible taxpayers did not bother filing their returns within the deadline, which was extended thrice this year.

As of February 16 this year, only 39.86 lakh taxpayers out of around 1.14 crore TIN holders filed their returns

The finance ministry is likely to project that the country’s gross domestic product (GDP) will surpass the $500-billion mark for the first time in the upcoming fiscal year (FY), anticipating an economic rebound in FY 2025-26.

Implementation of the Annual Development Programme (ADP) stood at just 21.52 percent in the first seven months of fiscal year 2024-25 as public works were weighed down by political unrest.

The National Board of Revenue (NBR) is set to impose a fresh 25 percent regulatory duty on the export of crude and refined rice bran oil to discourage shipments and increase domestic supply.

An NBR notification may come this week to boost the oil’s domestic supply

The wage growth rate stood at 8.16 percent in January, 1.78 percentage points below the inflation rate of 9.94 percent that month

A big chunk of foreign funds was provided as budgetary support from the World Bank and the Asian Development Bank (ADB) in December released $1.1 billion, leading to a rise in foreign aid disbursement and providing some relief to the government.

For Bangladesh, it is no longer the question of whether the economy is destined for a hard landing or a glide to a flat state; rather the question now is how deep the descent will be.

The National Board of Revenue (NBR) has allowed the use of nine more customs stations for the import of potatoes, specifically from Nepal and Bhutan, aiming to diversify supply sources and reduce dependency on India..The nine stations include Rohonpur in Chapainawabganj, Sonahat in Kurigra

Healthcare seekers face higher prices for medicine due to the hike in value-added tax (VAT) on trades by pharmacies and drug stores.   

The National Board of Revenue went ahead with its plan to hike value-added tax and supplementary duty on goods and services despite widespread concerns that the move will stoke inflation and slow down economic activities.

NBR issues a notification moments ago

Bangladesh concluded another year staring at prices of essential items taking a wild ride, the central bank scrambling to further tighten the money supply and penny-pinching among limited income people.

The government’s recent move to increase value-added tax (VAT) on 43 goods and services has raised two key questions: will it generate enough revenue to avoid a huge budget deficit and will it further stoke an already high inflation?

Bangladesh’s revenue collection fell in November this year even though the country saw improvement in its business climate that month thanks to the alleviation of political uncertainties stemming from the nationwide mass uprising in July-August.

Bangladesh’s foreign debt servicing surged 28 percent year-on-year in the first five months of fiscal year 2024-25 owing to the country’s expanded foreign loan portfolio and a rise in global interest rates.

Many low-income and unskilled workers in Bangladesh’s agriculture, industrial and service sectors are being compelled to reduce consumption as rising inflation eroded their real incomes over the past three years.

The National Board of Revenue (NBR) should not both formulate policies and collect revenue, rather a separate, independent and specialised policy wing should be formed, recommended an advisory committee recently. .This should be the first priority when bringing about reforms, said the co