Parliament passes budget Wednesday

The parliament will pass the national budgte for fiscal year 2022 as the house cleared the Finance Bill 2021 on Wednesday putting higher priority to the lagging behind communities of country’s people in order to maintain lives and livelihood amid corona pandemic.

Finance Minister AHM Mustafa Kamal moved the finance bill in the Jatiya Sangsad in presence of leader of the house and Prime Minister Sheikh Hasina and it was later passed by voice vote.

The Finance Bill kept provisions of whitening undisclosed money without any question in the capital market, land and properties, and establishing new industries through giving certain amount of taxes for next fiscal year (FY22).

As per the Bill, no question as to the source of any sum invested in securities by an individual assessee during the period between the first day of July, 2021 and the thirtieth day of June, 2022 (both days inclusive) shall be raised by any authority if the assessee pays tax at the rate of twenty five percent on such investment within thirty days from the date of such investment.

Along with the tax paid under the provision, an amount of penalty of five percent shall be payable on the computed tax.

In respect of such investment, tax shall paid in only pay order or automated challan, as the case may be, and a declaration in the prescribed form shall be made and submitted to the respective Deputy Commissioner of Taxes.

If any such sum invested is withdrawn from the capital market within one year from the day of such investment, an additional amount of penalty at the rate of ten percent on such withdrawn amount shall be payable by him at the time of assessment.

The provisions of this section shall not apply to cases where any proceeding under any provision of this Ordinance or any other law has been drawn on or before the day of making such investment.

The ‘securities’ mean stocks, shares, mutual fund units, bonds, debentures and other securities of the companies listed in and approved by the Bangladesh Securities and Exchange Commission and all other government securities and bonds tradable in the capital market.

In his winding-up speech, the Finance Minister said that like the outgoing fiscal  year’s budget, priority has given to the lagging behind communities of people during the crisis period of this COVID-19 pandemic.

“As per the directives of the Prime Minister, we have to step forward keeping no one behind and shall go far away to establish a happy, prosperous and discrimination free Golden Bangladesh. We believe firmly that Insha hallah we shall rise by lifting others,” he said.

The Finance Minister said the like the outgoing fiscal year, the government has also adopted expansionary policy as policy perspective for which the the budget deficit stood at 6.2 percent which was 6.1 percent in the outgoing fiscal year.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button