# Benazir will not get exemption even if he pays 15 pc tax
# Inflation still in the 9 percent range
# Why do ministers have tax-free car benefits?
Finance Minister Abul Hasan Mahmood Ali expressed hope that inflation will come down by the end of this year in the proposed budget.
The finance minister placed the Tk 7.97 trillion national budget for the 2024-25 fiscal year on Thursday amid many challenges, including the reserve crisis in banks, decline in export trade, mixed trend in remittance earnings and downward trend in the main index of the stock market.
The minister said this while replying to a question at a post-budget press conference at Osmani Memorial Auditorium in the capital yesterday.
Prime Minister's Economic Affairs Adviser Dr Mashiur Rahman, six ministers, two state ministers and four government officials were present on the meeting.
In the proposed budget, it has been planned to take a large amount of loan from the bank to meet the deficit. Journalists wanted to know from the finance minister whether private investment will be hampered. In response, he said, standard processing of taking loans from banks. Everyone borrows from banks to meet the deficit. Responding to a question about inflation, the finance minister said inflation will come down. That is why steps are being taken. We have reduced the size of the budget so that there is no pressure.
He also said, "Inflation is still in the 9 percent range. The value of the taka has decreased due to increased pressure on the currency due to global reasons. This is one of the reasons for the rise in inflation. We have taken the necessary steps to control inflation. Whatever further steps are needed, we will take. Inflation is expected to fall to 6.5 percent by the end of this year."
Finance Secretary Khairuzzaman Mozumder said loans are taken from foreign and domestic sources to meet the budget deficit. We think it is not possible to collect additional revenue through the National Board of Revenue (NBR). For this reason, the target of taking loans from banks has been set. This bank loan has nothing to do with the bank's money crisis.
Why is there an opportunity to whiten black money every time in the budget? NBR Chairman Abu Hena Md Rahmatul Muneem said that due to audit, some businessmen are not able to show many of their legitimate assets while submitting returns. Those who create black money create it for use in the economy. Black money goes out of the country. Black money is made for luxury. Some money is turning black while buying and selling land. For this reason, this opportunity has been given to show the assets that could not be shown in the return. This opportunity is given in many countries.
Regarding Benazir Ahmed, the NBR chairman said that her matter is a criminal offense, Benazir Ahmed's assets will not be legal if she pays 15 percent tax.
In the proposed budget, the unlisted corporate tax rate has been exempted by two and a half percent. However, there is no exemption in the tax rate of listed companies in the capital market. This may have an impact on the current market situation.
In this regard, the NBR chairman said, I do not know why the listed companies of the capital market are not doing well. But I do not know if there is any other issue with this, not just tax exemptions. The NBR chairman hinted that no sector will remain tax-free in the future.
State Minister for Commerce Ahsanul Islam Titu said efforts are underway to bring inflation under control. Moreover, nothing has been done in this year's budget to make the market unstable.
He also said that the prices of oil and sugar are still in balance since the month of Ramadan. The tax on paddy and rice import has been increased to two to one percent in the budget. Now one crore citizens are getting products at subsidized prices through the Trading Corporation of Bangladesh (TCB).TCB is working to provide products through permanent shops to provide products at fair prices during the upcoming budget period. If this happens, more people will benefit from it.
Ministers are getting tax-free car benefits; but in response to a question about the return of the people who are paying taxes, the education minister said, "This is not an initiative of our government. The government has been providing tax-free cars to the ministers since the tenure of Hussein Muhammad Ershad. However, the current finance minister has taken steps in favour of withdrawing the facility."
Prime Minister's Economic Affairs Adviser Dr Mashiur Rahman, Education Minister Mohibul Hasan Chowdhury, State Minister for Commerce Ahsanul Islam Titu, State Minister for Finance Waseqa Ayesha Khan, Cabinet Secretary Md Mahbub Hossain, Finance Secretary Dr Md Khairuzzaman Majumder, NBR Chairman Abu Hena Md Rahmatul Muneem, Agriculture Minister Md Abdus Shahid, LGRD and Cooperatives Minister Md Tajul Islam, Industries Minister Nurul Majid Mahmud Humayun, Planning Minister Major General (Retd) Abdus Salam, Housing and Public Works Minister RAM Obaidul Muktadir Chowdhury, Bangladesh Bank Governor Abdur Rauf Talukder was also present.
ZH
