• Dhaka Wed, 19 JUNE 2024,
Areas where banks to open on Saturday & Sunday
Reason behind banks remain open today, tomorrow
Bangladesh Bank (BB) has decided to keep open the branches of scheduled banks for three days to facilitate payment of salaries, bonuses and other allowances and sale of export bills to garment workers, employees and officials. These branches in the industrial areas will remain open for the next three days including Friday (June 14). Bangladesh Bank's Department of Offsite Supervision (DOS) said in a press release. The central bank has issued a circular in this regard to the managing directors and chief executive officers of all scheduled banks operating in the country. According to the directive, the branches of scheduled banks located in Dhaka metropolis, Ashulia, Tongi, Gazipur, Savar, Bhaluka, Narayanganj and Chattogram will remain open on June 14, 15 and 16 to facilitate the sale of export bills of different organizations related to the RMG industry and payment of salaries, bonuses and other allowances to the workers, employees and officials working in these industries. The branches concerned should be kept open with adequate security. Besides, appropriate measures should be taken in consultation with the port or customs authorities, including the local administration, to keep the branches, sub-branches or booths located in the sea, land and airport areas open 24 hours a day, 7 days a week.
'Budget reprimands honest taxpayers and rewards those with black money'
Supplementary budget Tk 378.17b for FY 2023-24 passed
Finance Minister unveils proposed budget 797,000C for FY2024-25
Cabinet approves proposed budget
Budget 2024-25: Which items to get costlier?
The first budget of the present government will be announced on Thursday (June 6). Prices of several products may increase in the budget of the next financial year (2024-2025). There will be an announcement to increase duty on these goods and materials and to impose VAT. This year's proposed budget is Tk 797,000 crore. The budget for the new fiscal year will be placed in the form of a proposal on Thursday (June 6). The main slogan of the 53rd budget is to build a happy, prosperous, developed and smart Bangladesh. Prices of commodities that are likely to increase Cigarettes Like every year, supplementary duty and price level are being increased at the cigarette production stage in the next budget. So the price of all types of cigarettes will increase. Mobile SIM card The tax on the sale of SIM cards by mobile operators may increase from Tk 200 to Tk 300. As a result, customers may have to buy SIM cards at higher prices. Talk on mobile will cost extra charge The consumer will have to pay more to talk on mobile. At present, a consumer can talk about 73 taka if he recharges 100 taka on mobile. The remaining Tk 27 was deducted as VAT and supplementary duty. If the 5 percent supplementary duty on mobile services is increased in the proposed budget, consumers will be able to talk about Tk 69.35. Car At present, MPs can import cars with duty-free facilities but there is a proposal to impose 25 percent supplementary duty and 15 percent VAT on the import of cars in the proposed budget. On the other hand, some specific conditions are being added to the proposed budget to exempt hybrid and non-hybrid type cars. As a result, the price of luxury cars is likely to increase. Cashew nut As part of protecting cashew nut cultivation in the country, the duty on import of peeled cashew nuts is being increased from 5 per cent to 10 per cent. This may increase the price of cashew nuts. Soft Drinks & Energy Drinks VAT on soft drinks, carbonated beverages, energy drinks and mangoes may be increased from five to 10 percent. In addition, the minimum tax on carbonated beverages may be increased by two percent to five percent. As a result, these products will have to be bought at higher prices. Air conditioners Many people are buying air conditioners or ACs to get relief in the heat. In the next budget, considering AC as a luxury product, the duty on compressors and all types of materials used in AC production in the country is being increased. So the price of AC may increase. Water filter Duty on the import of water filters used in homes is being increased. The import duty on water filters is being increased from 10 percent to 15 percent. So the price of water filters used in households may increase. Cost of importing hospital equipment will increase Subject to compliance with certain conditions, there is an opportunity to import medical instruments and equipment at one percent duty on referral or duty exemption facility of specialized hospitals. In the next budget, it may be increased to 10 percent for the import of more than 200 medical instruments and equipment, which can further increase the cost of treatment of critically ill patients. The proposed budget for the fiscal year 2024-25 is Tk 7,97,000 crore. The target of the National Board of Revenue (NBR) has been set at Tk 4,80,000 crore. Besides, the budget deficit is Tk 2 lakh 56 thousand crore. The size of the budget has been increased by 4.62 percent compared to the current financial year. In the budget, the target of foreign loan has been set at Tk 1,27,200 crore. The target of loan from the bank is Tk 1 lakh 37 thousand 500 crore. The cost of loan interest payment has been estimated at Tk 1,13,500 crore.
Buyers prefer Delhi airport as higher tariff make Dhaka unattractive
As  India offered lower tariff, International clothing retailers and brands sourcing from Bangladesh prefer the Delhi's Indira Gandhi International Airport to Hazrat Shahjalal International Airport to carry goods. The tariff at Hazrat Shahjalal International Airport in Bangladesh is so high and for that reason the buyers from Bangladesh choose their goods to travel a distance of nearly 1,900 kilometres in trucks to Delhi via Benapole and Petrapole port. It costs only $1.2 to transport one kilogramme of readymade garments items to sent via Delhi's Indira Gandhi International Airport. On the other hand, it charges  $3 from Hazrat Shahjalal International Airport to destinations in Europe.  The higher rate of tariffs including value-added tax, ground handling and service charges are mainly driving the buyers away from Hazrat Shahjalal International Airport. A  data from the civil aviation and tourism ministry said, in July-March, an entirety of 1,65,000 tonnes of cargoes were shipped from Dhaka of the current fiscal year, Of them, the garment items were 1,34,000 tonnes, vegetables, fruits and other items  were 30,000 tonnes. Meanwhile, in 2022-23, about 1,67,000 tonnes of cargoes were sent abroad via the airport. Of them it includes, 142,000 tonnes of garment products including 24,000 tonnes of fruits, vegetables, and allied food items. An aviation expert named Kazi Wahidul Alam said that more than 8,000 tonnes of cargoes, especially those containing garment items, were diverted from Dhaka to Delhi last year only for higher tariffs to carry goods. "The volume is higher this year as buyers are increasingly finding Delhi airport more competitive for their business, 50 tonnes of cargoes are redirected from Dhaka to Delhi every day on average." he added,  For the higher charges, local airlines including freight forwarders, courier companies and many other related sectors are losing their business. Eight private airlines who tried to do business on the domestic routes of Bangladesh could not become competitive because of higher tariffs, Wahidul Alam said. The users have a long complain about thefts of goods from the cargo, products left unattended, and the deterioration of the quality of items as well. Tow leading aircraft company Qatar and Etihad used to carry cargoes from Dhaka in dedicated flights even a few years ago. But now, the companies have either suspended their flights or reduced their capacity to carry cargoes. Nearly, 60 percent of all cargoes transported by air from Bangladesh are carried by passenger aircraft.