Despite a 2.5 percentage point corporate tax reduction, listed and non-listed companies might end up paying more tax than that last year because of a new plan to increase the tax deducted at source (TDS), said the ICAB yesterday.

Garment exporters yesterday demanded the continuation of the existing 0.5 per cent source tax for the next five years.

The issues of poverty, the job market, small and medium enterprises, and coronavirus vaccinations have been underestimated in the budget proposed for the next fiscal year, said the South Asian Network on Economic Modeling (Sanem) yesterday.

Malaysia has showcased keenness on investing in Bangladesh for being one of the fastest growing economies amidst the pandemic, said discussants at an online event jointly organised by Standard Chartered and Bangladesh Investment Development Authority yesterday.

City Bank has been named “Best bank in Bangladesh 2021” by Hong Kong-based international publication FinanceAsia recently.

Pubali Bank recently witnessed the unanimous reelection of the chairman of its Board of Directors.

Bangladesh Association of Software and Information Services (BASIS) has welcomed the new national budget, but it expressed its worries as the fiscal plan did not include the proposals placed by the association.

Although the government said that it would reduce the taxes levied on the import of raw materials used to make cement, this initiative will not have a satisfactory impact as prices would remain the same at the consumer level, according to market players.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday said the opportunity to legalise undisclosed money could be offered in the productive sector for a specific period, not for indefinitely.

The Bangladesh Chamber of Industries (BCI) has said private sector and industries of the country will be benefited from the government’s tax measures in the proposed budget for 2021-22 fiscal year.

Bangladesh Association of Software and Information Services (BASIS) has welcomed the new national budget, but it expressed its worries as the fiscal plan did not include the proposals placed by the association.

The government can think of allowing investment of undisclosed money in the productive sector for some time, said Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

Money is not a problem for the implementation of the proposed budget, but vaccination has become the main concern now to bring back the business confidence, Unnayan Shamannay said today.

The garment exporters today demanded continuation of the existing 0.5 per cent source tax for the next five years.

The Business Initiative Leading Development (BUILD) has praised the proposed national budget for 2021-22 fiscal year and said it was a bold initiative to set the GDP growth target at 7.2 per cent amid the ongoing pandemic.

The Metropolitan Chamber of Commerce and Industry (MCCI) welcomed the proposed budget for 2021-22 fiscal year, but it thinks implementation of the annual plan will be the biggest challenge.

Finance Minister AHM Mustafa Kamal today said his government would be able to implement the budget for the upcoming fiscal year like it did in the past.

The government will increase advance income tax (AIT) on import of some luxury items, including alcohol and perfume, which will surely increase their prices at the local market.

Export earnings doubled year-on-year to $3.11 billion in May this year thanks to a rebound in garment shipment.

The national budget for 2021-22 is being proposed today all the while the country’s economy faces some tough realities stemming from the pandemic’s second wave.