Prime Minister Sheikh Hasina told Parliament that her newly formed government is committed to continue the journey towards development in the next five years. The head of government said that by 2041, Bangladesh will be a 'smart developed country', where the per capita income will be more than 12,500 US dollars and which will be compatible with the digital world. She said, 'Bangladesh has achieved success in all fields in the last 15 years as a result of the government's development plan, far-reaching activities and constructive steps. "The people have given the Awami League government a mandate for development through voting." she added.   Earlier, Awami League won 223 parliamentary seats in the 12th national parliamentary election and formed the government. The opposition Jatiya Party won 11 seats. Independent candidates won 62 seats. Besides, Workers Party, Jasad and Kalyan Party got 1 seat each.

As the mustard fields of the Kashmir Valley bloom in full swing this season, farmers are expecting a better income from decent production. The favorable winter and timely rains have helped the mustard crop grow well, and today the fields are fully ready. This news is a welcome relief for farmers who have had to endure years of uncertain weather conditions and fluctuating market prices. The Department of Agriculture has played a crucial role in this success story by distributing 30,000 tons of mustard seeds for cultivation on 20,170 hectares of agricultural land in the Anantnag district alone. Furthermore, 142 tons of new varieties and high-breed quality seeds were imported to promote better production. The seeds provided by the Department of Agriculture have doubled the crop yield and increased farmers' income. Chief Agriculture Officer Anantnag Aijaz Hussain has rightly pointed out that this success story is the result of continuous efforts by the department and environment-friendly weather. The department is taking massive steps to further promote mustard cultivation and bring it under the ambit of agri-tourism in the near future. The tourists visiting the Kashmir valley are already enjoying the beauty of the mustard flowers on the sides of the national highways and on the highways leading to the tourist spots. The increased production of mustard and the resultant better income for farmers is a positive development for the agricultural sector in the region. It is also a testament to the hard work and perseverance of the farmers who have braved several challenges to achieve this success. We hope that this trend continues, and the farmers of the Kashmir Valley are able to enjoy better incomes and a more stable future. Source: www.indiablooms.com

The timeframe for income tax return submission has been extended for one more month. The decision was taken in the board meeting of National Board of Revenue (NBR) on Monday.NBR Chairman Abu Hena Mohammad Rahmatul Munim confirmed the information on Monday afternoon. The NBR Chairman said, the timeframe for income tax return submission has been extended up to December 31 due to request from all including personal taxpayers, businessmen, income tax lawyers and public representatives following the Covid situation. Although yesterday the NBR Chairman announced at a press conference on the occasion of national income tax day-2020 that timeframe would not be extended. He noted that 13 lakh 20 thousand returns were submitted till November 26 and the amount of paid tax is 2 thousand 387 crore taka. He said, though our ability has increased but the segment of income tax has not increased at the expected level. At that time he said, there is no scope to extend the timeframe for submitting the income tax return. Those who did not submit have to submit it within Monday. Otherwise they have to pay the fines. The NBR Chairman said, those who would fail to submit income tax return in the stipulated time they can apply to the concerned tax office. In that case fine will be waived if they can show logical reason. If the commissioner observes that the reason is not logical then he has to pay the fine. Mentionable, at present 46 lakh citizens have the Tax Identification Number (TIN). But nearly half of them do not submit return regularly. AH    

National Board of Revenue (NBR) has been organizing countrywide income tax fair every year. But due to the coronavirus pandemic situation the authority has decided not to organize the fair this year to avert health risks. According to the NBR sources, to ensure service at the field level income tax return will be collected in every tax zone. There income tax centers will be set up to provide service for depositing income tax return. The matters were decided at a meeting of NBR on Wednesday. NBR Member (Tax Administration) Arifa Shahana confirmed the information to the news media. She said, income tax fair is not going to be organized this year. But steps are being taken so that the tax payers would get the facilities of the fair at the zonal tax offices. The first income tax fair was organized in 2010. At first the fairs were organized in Dhaka and Chattogram and later those were extended to the divisional cities in 2019. The taxpayers get different types of services from the fair including bank booth service for paying tax, filling up return forms and obtaining Tax Identification Number (TIN) or TIN certificates. AH    

The country’s economy will grow by record 8.13 percent in the current fiscal year (FY19) while the per capita income will reach US$1,909, said Finance Minister AHM Mustafa Kamal on Tuesday. The minister said this while briefing reporters after the day’s National Economic Council (NEC) meeting held at its conference room with Prime Minister Sheikh Hasina in the chair. Planning Minister MA Mannan was present. Reports BSS. Referring to the provisional estimation of the Bangladesh Bureau of Statistics (BBS), Kamal said that the GDP growth rate is to reach 8.13 percent against 7.86 percent recorded in the last fiscal year. He also said that the per capita income will increase to $1909 from $1751 in the last fiscal year. The finance minister informed that the investment-GDP ratio in the current fiscal year is to reach 31.57 percent from 31.13 percent in the previous fiscal year. Out of the total provisional investment-GDP ratio of 31.57 percent in the current year, the public investment ratio to GDP will rise to 8.17 percent while the private investment ratio to GDP will rise to 23.40 percent. He said that the total size of the GDP in the current fiscal year will rise to Taka 25,36,177 crore from Taka 22,50,479 crore recorded in the last fiscal year. The finance minister said that the areas of potentials are huge in the country, but many of those still remained unexplored. “We’ll have to explore those areas,” Terming the private sector the ‘engine of growth’, Kamal said that they would give more incentives to the private sector to bring it more into the mainstream of the economy. Mentioning that all the major macroeconomic indicators are now better, he said the rising trend of export earnings as we as inward remittance, increased investment as well as the growing size of the manufacturing sector have been helping in achieving this “eye-catching” growth. The finance minister also expressed his high optimism about attaining double digit growth rate within the next four years. According to the BBS provisional data, the growth of the agriculture sector in this year is going to reach 3.51 percent while the industry sector 13.02 percent and the services sector 6.50 percent. Besides, the GNI in the current fiscal year will reach Taka 26,49,786 crore and the per capita GDP $1,827.  AH

Road Transport and Bridges Minister Obaidul Quader said, past of BRTC is not pleasant. Irregularities and corruption are prevailing here for long. The incumbent Chairman is trying but it is very challenging. He said these at a view exchange meeting at Bangladesh Road Transport Corporation (BRTC) building at Motijheel in the capital on Tuesday. To the officials Obaidul Quader said, I know well about income of the officials designated in different places. How the incomes are made I also know that. Fates of yours develop but BRTC has no improvement. How many days BRTC will run by providing loss again and again? The minister cautioned all for not doing harm to state property for the sake of own interest. He also directed Corporation Chairman to take action against corrupt officials. He said, 11000 new vehicles are going to be included into BRTC. Of those 300 double decker and 300 single decker buses. Of those 200 are air conditioned and 100 non air conditioned buses. Besides 500 trucks will be included. Obaidul Quader said, those vehicles will arrive by April month. Of those some arrived in Gazipur and some are going to be arrived in border within two or one days. These new vehicles will ply on the new routes. He said, new vehicles will arrive. In this way crisis for public transport will be driven away. It is a news for comfort for people but our experience was not pleasant. Earlier vehicles came but those turned into bad condition due to lack of repairing and maintenance. Pointing out the corruption of officials the minister said, time has come to think about what the results people are getting from BRTC’s effort. Because government brought vehicles with expense of crores of taka. The minister suggested to hand over the new vehicles to the right persons and said, buses of BRTC turned out of order due to lack of repairing and maintenance activities. So it has to be fixed who will run the vehicles or how the maintenance activities will be done. Obaidul Quader said, the people who made BRTC conterminous with corruption have to leave. Bad officers have to be excluded. The situation has to be faced with zero tolerance. Otherwise it will not be useful for the people by importing vehicles worth crores of dollars. AH     

The government will continue the existing tax-free income limit in the financial year 2018-19. Finance minister AMA Muhith made the proposal Thursday while placing the national budget in the Jatiya Sangsad. Reports BSS. “I proposed that the tax exemption threshold and tax rate remain unchanged for the next year except that the threshold for a parent or guardian of a person with disability will be higher by Taka 50 thousand for each of such child or dependent, he said in his budget speech. The existing tax exemption threshold is Taka 2,50,000 in general cases. But the threshold was higher for special classes of taxpayers including female taxpayers. Explaining the reasons of not changing the tax exemption limit, Muhith said in developed countries, tax exemption threshold is generally less than 25 percent of per capita GDP, and in developing countries it is mostly equal to per capita GDP. In Bangladesh, he said, tax exemption threshold is almost 200 percent of per capita GDP. “That means our tax exemption threshold is high in global comparison. Moreover, the increase of tax exemption threshold puts a significant number of taxpayers out of the tax net,” he added. The existing tax exemption for the female taxpayers and senior citizens aged over 65 years is Taka 300,000. Existing minimum tax for a taxpayer, except company taxpayer, residing in Dhaka North City Corporation, Dhaka South City Corporation and ChittagongCity Corporation is Taka 5 thousand, residing in any other city corporation is Taka 4 thousand, and residing in other area is Taka 3 thousand. Muhith also proposed these rates to remain unchanged. AH

In the first six months of current 2017-18 fiscal year that means during the period from last July to December the income from jute and jute goods reached at 57 crore 40 lakh dollars. It is 21.48 percent higher than the same period of last fiscal year. The information came through the latest analytical report of Export Promotion Bureau (EPB). According to the EPB report, in the first six months of current 2017-18 fiscal year 8 crore 27 lakh dollars were earned through raw jute export. During the period the income from exporting jute thread and curl jute was 36 crore US dollars and income from exporting jute bag and sack was eight crore 19 lakh dollars. Besides, four crore 90 lakh dollars came from other jute goods and commodities. Bangladesh exports jute and jute goods to different countries including Egypt, Syria, Turkey and Iran. There is huge demand of jute goods in the middle east countries. EPB report said, the target of export earnings from jute and jute goods was set at 50 crore 28 lakh dollars in the July to December term. But it was experienced that after completion of first six months of the current fiscal year jute export increased by seven crore dollars or 14.15 percent. Economists think that the expansion of jute industry is possible again through operating the inactive jute mills. In this regard it needs awareness in the root level from farmers to businessmen as well as government entrepreneurship. Nasimul Ahsan who is working on for promotion of jute goods said to Rtv online, the demand of jute related commodities is increasing day by day in the world market. Standing at present we have to think freshly about jute industry. We have to work for ensuring quality of jute goods, its branding in the local and international market and for increasing its popularity. Jute industry will go forward if all people and organizations work on to increase its popularity. He said, most of the small entrepreneurs do not know how to export. To increase jute export they should be given training. Government has to give direction. Besides, initiatives should be taken so that farmers would get the fair price of jute. AH