The Jatiya Sangsad on Sunday passed Tk7,97,000 crore budget for fiscal 2024-25 setting the goal of economic growth at 6.75 per cent and reducing annual inflation at around 6 per cent.
Finance Minister Abul Hassan Mahmood Ali moved the Appropriations Bill, 2024, seeking a budgetary allocation of Tk12,41,752 crore. The bill was passed in the Sangsad by voice vote.
On Saturday, Jatiya Sangsad passed the Finance Bill, 2024 with some minor changes as recommended by the Prime Minister.
Following the proposal mooted in the House by the Finance Minister seeking approval of funds to meet development and non-development expenditures of the government, the ministers concerned justified expenditures of their respective ministries through 59 demands for grants.
Earlier, Jatiya Sangsad rejected 251 cut-motions by voice vote.
A total of seven MPs, including Jatiya Partys Mujibul Huq, Hafiz Uddin Ahmed, and Independent MP Pankaj Nath, Hamidul Haque Khandker, Abul Kalam, Suhrab Uddin, and Nasser Shahrear Zahedee had moved the cut motions.
They were, however, allowed to participate in the discussion on the issues of Law Ministry, Secondary and Higher Education Division and Social Welfare Ministry.
Later, Speaker Shirin Sharmin Chaudhury quickened the process of passing the demands for grants for different ministries without giving a lunch break.
Opposition and independent MPs were present in the House when the Appropriation Bill was passed, and they did not raise objection to passing the bill.
The Finance Bill 2024, was passed on Saturday, with some minor changes by keeping the provision of legalising the undisclosed money, by paying 15per cent tax.
Finance Minister Abul Hassan Mahmood Ali moved the bill and it was passed by voice vote with Speaker Dr Shirin Sharmin Chaudhury in the chair.
Mahmood Ali accepted some 16 minor proposals on the finance bill in section 2 and 2(Ka) and Schedule 3. The other 11 amendment proposals were rejected by voice vote.
Leader of the House and Prime Minister Sheikh Hasina and opposition leader GM Quader also spoke on the Finance Bill.
In the Finance Bill, the finance minister accepted an amendment that reduced the highest tax rate from 30 per cent to 25 per cent.
On June 6, Mahmood Ali had placed the Tk7,97,000 crore budget for FY24-25 in the House, seeking its approval.
The highest tax rate remained at 25 per cent as before. The tax free income ceiling will be Tk 3,50,000, for Tk1 lakh the tax is 5 per cent, for Tk4 lakh the tax rate is 10 per cent, for Tk5 lakh the tax rate is 15 per cent, and for the remaining incomes the tax rate is 25 per cent.
The opportunity to whiten undisclosed money will remain for one year from July 1, 2024 to June 30, 2025, by paying 15 per cent tax. Besides, companies will get the opportunity to legalise undisclosed money by paying 15 per cent tax.
As per the amendments, individuals have to pay surcharge for owning several vehicles, but not by companies.
Submission of returns have been made mandatory for only city residents, but income from universal pension scheme will be tax free and individuals, companies and trusts have to pay 15per cent gain tax.
The other amendments exempted donations/gifts to any member of the family from paying tax at source and audit will be exempted, if returns shows 15 per cent increase in income compared to the previous year.
