Economy
Finance Minister: IMF admires BD’s progress as outstanding
Finance Minister AHM Mustafa Kamal said, The International Monetary Fund (IMF) admires Bangladesh’s “outstanding achievement” during its visit to Dhaka in late October.
IMF team said the progress and achievement of Bangladesh are excellent, the minister briefed while addressing the award giving event of the highest VAT payers at Hotel Intercontinental in Dhaka Saturday (10 December).
The National Board of Revenue (NBR) organized the event marking the 12th National VAT Day-2022 and the Vat Week from 10-15 December.
In the event, the finance minister presented certificates and awards to the 9 organizations that paid the highest VAT in the production, business & service sectors at the national level.
FBCCI President Jasim Uddin attended the event presided over by NBR Chairman Abu Hena Rahmatul Muneem.
Finance Minister AHM Mustafa Kamal highlighted, “We started with a GDP size of $100 billion 14 years ago. Now the economy has quadrupled to $465 billion. Similarly, per capita income increased from $686 to $2,864,” highlighted the finance minister.
Addressing taxpayers’ role in the economy, he said, “The country came to this position because of the contribution taxpayers kept.”
He said, “Our goal is to move from a middle-income country to an upper-middle-income country by 2030 and a developed one in 2041. To achieve this goal, taxes must be paid.”
Calling upon people to pay tax, AHM Mustafa Kamal said, “If you don’t pay taxes it is not possible to work for the backward people.”
The finance minister also urged suggestions from businessmen in regard to digitizing the VAT collection system.
In fiscal 2021-2022, Tk3,01,633 crore of revenue has been collected, NBR member Zakia Sultana said.
Of the amount, about 65 percent to 67 percent of revenue is derived from indirect taxes (VAT and customs) with the VAT sector contributing the rest, the NBR official added.
The highest VAT payers from the production sector are: Olympic Industries Limited (Kanchpur, Narayanganj), IBN SINA Pharmaceutical Industry Ltd (Shafipur, Gazipur) and SMC Enterprise Limited (Banani, Dhaka).
In the business category, Walton Plaza (Chandna, Gazipur), Agora Ltd (formerly Rahimafrooz Superstores Ltd) (Mohakhali, Dhaka), and Unimart Ltd (Gulshan, Dhaka) have become the top VAT-payers for the year.
bKash Limited (Jahangir Gate, Dhaka Cantonment), International Finance Investment and Commerce Bank Limited (Purana Paltan, Dhaka), and Nagad Ltd (formerly Third Wave Technologies Ltd) (Banani, Dhaka) will get the award in the service category.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
