The National Parliament will pass the budget for the fiscal year 2024-25 on Sunday. This is going to be the first budget of Abul Hasan Mahmud Ali as Finance Minister. The new budget will be effective from tomorrow Monday.
Earlier, Finance Minister Abul Hasan Mahmud Ali in his speech in the National Parliament on Saturday evening proposed some policy amendments in this year’s budget. Later, the money bill was passed by voice vote of the members of Parliament.
Meanwhile, the budget for the fiscal year 2024-25 is being passed without any changes. On June 6, the Finance Minister proposed a budget of 797 thousand crore rupees in the National Parliament. Without any major changes that is going to pass today. However, the finance minister has said several times that if there is any objection in the budget, it should be reported to him. However, the government is not interested in making changes in the issues which were objected by various quarters.
Among the proposals raised in this year’s budget, the most discussed was the issue of allowing black money to be white with a tax of 15 percent. However, the finance minister is not making any changes in this proposal despite extensive discussion and criticism in the parliament and outside the parliament. Apart from this, in the budget proposal, the finance minister proposed imposing capital gain tax on investors in the capital market. That is, those investors who earn 50 lakhs or more will have to pay tax on their profits. It is said that despite the objections of the capital market concerned about such a proposal, it is not changing. In other words, even in the final budget, 50 lakh rupees is being taxed on the profit from the capital market.
It is said that the new money bill will bring some minor changes related to income tax and customs. The National Board of Revenue NBR is withdrawing from the decision to withdraw the tax holidays of private economic zones and hi-tech parks, especially under the pressure of domestic and foreign entrepreneurs. At the same time, import duty on capital equipment of industries established in economic zones is also kept at zero percent as before.
On the day of presenting the budget proposal, the finance minister proposed to levy a duty on the import of cars to the members of parliament, but it is heard that the proposal may not be implemented in the end. Although the finance minister has tried to bring all citizens under the tax, it will be known today what the proposal will be in the end due to the pressure of the members of parliament.