The 12th JS has passed the Finance Bill to approve the budget for the fiscal year 2024-25. Finance Minister Abul Hasan Mahmud Ali presented the bill.

Although the Finance bill was passed on Saturday (June 29), the budget will be passed on Sunday after a long discussion and scrutiny. The speaker Dr. Shirin Sharmin Chowdhury will preside over the session.

Today, Sunday (June 30), the budget for the new financial year will be passed in the JS which will be effective from next day Monday (July 1). 264 members of JS participated in this year's budget discussion.

Earlier this month, on June 6, the size of the proposed budget for the next fiscal year was Tk. 7,97,000 crore. Compared to the fiscal year 2023-24, the size of this year's budget has increased by 4.6 percent. This is the 53rd budget of the country, the 25th of the Awami League-led government and the first budget of Finance Minister Abul Hasan Mahmud Ali.

The revenue target in the budget is 5 lakh 41 thousand crores. The remaining two lakh 56 thousand crores will be the target of borrowing. Annual Development Program (ADP) worth Tk. 265 thousand crore has already been approved.

In the proposed budget for the financial year 2024-25, the budget was announced with the slogan 'Commitment to build a happy, prosperous, developed and smart Bangladesh'. In the new budget sector-wise allocation is given. In the next budget, Tk. 7 lakh 97 thousand crore have been allocated to 15 sectors.

The sector-wise allocation is – Tk. 1 lakh 75 thousand 774 crore for public administration sector, Tk. 47 thousand 953 crore for local government and rural development sector, Tk. 42 thousand 14 crore for defense sector, Tk. 33 thousand 520 crore for public order and security sector, Tk. 1 lakh 11 thousand 157 crore for education and technology sector. Tk. 41 thousand 408 crore for health sector, Tk. 43 thousand 208 crore social security and welfare, housing sector Tk. 6 thousand 929 crore for housing sector, Tk. 6 thousand 700 crore entertainment , culture and religion sector, for power and energy sector Tk. 30 thousand 317 crore, Tk. 47 thousand 332 crore in agriculture sector, Tk. 5 thousand 694 crore for industry and economic services sector, Tk. 82 thousand 918 crore in transport and communication sector, Tk. one lakh 13 thousand 500 in interest sector and Tk. 8 thousand 576 in other sectors.

The proposed tax on capital gains is not being withdrawn in the 2024-25 budget. According to the sources of the National Board of Revenue, the matter is known. The proposed budget for the fiscal year 2024-25 will be passed by the national parliament tomorrow on June 30.

Finance Minister Abul Hasan Mahmud Ali presented the proposed budget for the fiscal year 2024-25 in the Jatiyo Sangsad on June 6. In the proposed budget, it has been proposed to keep capital gains up to Tk. 50 lakh in the stock market tax-free. However, if the capital gain is more than Tk. 50 lakh, the tax will be applicable.

Income tax will be collected from taxpayers in two ways. First, if an individual makes a profit by selling the shares within five years of buying the shares, they will have to pay tax according to their income tax bracket. Secondly, if a person buys shares and makes the same profit after five years, his tax calculation will be different. In this case also his Tk. 50 lakhs will be tax free. Income tax of Tk. 15 thousand at the rate of 15 percent has to be paid on the remaining Tk. one lakh.

Before presenting the budget, Bangladesh Securities Exchange Commission (BSEC) Chairman Professor Shibli Rubaiyat-ul-Islam said that gain tax is not being imposed on ordinary investors.

But when the proposal of gain tax was raised in the budget, he later met the Chairman of the National Board of Revenue and said that there will be no capital gain tax in the final proposal of the budget for the fiscal year 2024-25. 

The World Bank has approved a loan of 650 million dollars or Tk. 65 crore  to Bangladesh for the development of Chattogram Bay Terminal deep sea port.

On Friday (June 28), the Board of Executive Directors of the organization approved this, the World Bank said in a circular.

It is said that if the Bay Terminal is built, the global trade competitiveness of Bangladesh will increase significantly. Increased port efficiency will reduce import and export costs to a large extent.

The government plans to develop two container terminals, one multipurpose terminal and one oil and gas terminal under this project.

This marine infrastructure development project will construct a 6 km climate-resilient breakwater to protect the seaport from adverse currents and extreme weather conditions. It will also conduct dredging of port basins, entrances and access channels. The new state-of-the-art bay terminal is said to be operated by top international terminal operators.

It is also said that it will make it easier than ever to maneuver large ships like panamax ships. It will save approximately 1 million USD per day for Bangladesh. About 90 percent of Bangladesh's international trade goes through this port, but currently only small vessels can trade for a limited time.

Abdoulaye Sheik, Country Director of the World Bank for Bangladesh and Bhutan, said that Bangladesh's international trade is highly dependent on Chattogram port. But the port faces limitations at times. The Bay Terminal project will be a game changer for the port. It will improve Bangladesh's export competitiveness by increasing port capacity as well as reducing transport costs and time and open up new opportunities in global markets.

After the implementation of the development project, the port will also have road and rail connectivity facilities along with waterways. And more than 50 lakh containers will be handled here annually. At present Chattogram port is handling 30 to 32 lakh containers.

On the first day of Eid-ul-Azha, the rawhide traders in Lalbagh’s Posta have almost fulfilled the target of hide collection. 80% of the target of hide was bought and salted last night. As a result, on the second day of Eid, there is no busyness for the workers.

Aftab Khan, chairman of Bangladesh Hide and Skin Merchant Association (BAHAMA), an organization of traders who buy raw hides and salt them, confirmed to Barta24.com that the target of skin collection has been achieved on Tuesday (June 18) morning.

He said, the target of our Posta traders this time was to collect around one lakh skins. We accordingly prepared by buying salt. About 80% of our target skins were collected on the first day of Eid by our Postamen, traders and retailers. By 9 pm the purchase of leather is over. Even the salt was applied last night. 15 parcent will be collected today on the second day and 5 percent will be collected on the third day of Eid tomorrow, Wednesday.

Aftab Khan also said that most of the skins of Dhaka have come to us. Some hides are also salted at Hemayetpur. However, tannery owners salted most of the hides. As a result, skin was not damaged in Dhaka. Retail traders are still getting better price than the price of leather yesterday.

Based on the information provided by the president of the organization, it can be seen that there is no busyness of putting salt on the skin in any of the Postas. Almost every square is empty of people. Workers have been seen sleeping next to some hides.

In the past, on the second day of Eid, leather shopping was also busy, but this time it is the opposite. There is no preoccupation with the skin. Two trucks are still going through the skin.

Talking to the traders, it is known that leather is being sold at a better price on the second day than on the first day. Yesterday the leather was sold for Tk. 500 to Tk. 700. Today that leather is being sold for Tk. 50 to Tk. 100 more. If the quality of the leather is good, the traders are buying it at a better price.

On the second day of Eid, it has been found that there is no busyness at Posta, the businessmen are getting the opportunity to salt leather in Hazaribagh of the capital. Owing to the shortage of space in the Posta, the old tannery factories at Hazaribagh have been given the opportunity to salt leather.

When asked about this, the leader of raw leather traders said that there are no traders like before in Posta. Many businessmen are turning away from this sector due to various crises. Even the godowns that used to be in Posta area are no longer what they used to be. Because a leather trader used to pay Tk. 40,000 for the rent of the godown, now the same godown has been rented several times more by the plastic traders. As a result, many traders cannot buy leather now. As a result, we appealed to the government to allow leather salting in the old tannery factories in Hazaribagh. In view of the application, the BSCIC of the Ministry of Industry gave us that permission. As a result, many businessmen have now produced salt in Hazaribagh. This trader feels that the target has been easily achieved as many traders have been able to collect leather as per their demand due to the permission for a short period of time.

After talking to the Posta traders, it is known that after salting the collected skins, they will store it for a few days. From the fifth day of Eid they will start selling this salted leather to the tannery owners.