Inheritance tax threatens family farms

Animal agriculture vital to the Valley

Farming just keeps getting more challenging, so I guess that’s why only 2 percent of Americans are farmers and ranchers today. That number frightens me and breaks my heart all at the same time. One thing I struggle with daily, is why don’t we celebrate and support our farmers more regularly? Only 2 […]

G-7 finance ministers agree on 15% int’l minimum corporate tax rate

G-7 finance ministers agree on 15% int'l minimum corporate tax rate

From left, EU’s Economy Commissioner Paolo Gentiloni, Eurogroup President Paschal Donohoe, World Bank President David Malpass, Italy’s Finance Minister Daniele Franco, French Finance Minister Bruno Le Maire, Canada’s Finance Minister Chrystia Freeland, Britain’s Chancellor of the Exchequer Chancellor Rishi Sunak, Managing Director of the IMF Kristalina Georgieva, Germany’s Finance Minister Olaf Scholz, U.S. Treasury Secretary […]

Leading trade bodies welcome tax cuts

Development in Bangladesh: A most pleasant surprise

Leading business associations yesterday lauded the government’s proposed budgetary measures, but pointed out that implementing those would be a major challenge. The reaction came a day after Finance Minister AHM Mustafa Kamal proposed the Tk 6,03,680 crore national budget, offering a cut of 2.5 percentage points in corporate taxes for listed and non-listed companies and […]

Bangladesh exempts household appliance industry from VAT

Finance Minister AHM Mustafa Kamal arrives in parliament to present the national budget for fiscal 2021-22 on Thursday, Jun 3, 2021.

In the FY 2021-22 budget unveiled on Thursday, the government included VAT exemption on locally manufactured blenders, juicers, mixers, grinders, electric kettles, rice cookers, multi-cookers and pressure cookers. Washing machines, microwave ovens and electric ovens made in Bangladesh will also enjoy the VAT exemption. The exemption of Advance Tax on raw materials of iron products, […]

G7 to back minimum global corporate tax and support economy: draft

Britain

G7 officials, set to meet in London on June 4-5, will also say that once the recovery is well established, they will need to “ensure long-term sustainability of public finances”, which is understood to be code for a gradual withdrawal of stimulus. The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada. […]

Businesses want tax cuts for survival

Businesses of the country have long been demanding corporate tax to be reduced. The rate of corporate tax is 32 per cent for companies not listed in the stock market and 25 per cent for companies listed in stock market. Currently, corporate tax is 45 per cent for mobile operators as well as cigarette and […]

Agri-machinery makers may get 10-year tax break

Development in Bangladesh: A most pleasant surprise

The government is planning to offer a 10-year tax exemption for agricultural machinery manufacturing in order to encourage investment and support farmers’ growing appetite for machines to increase productivity and cut labour-shortage induced higher production costs. Investors considering to sign up for making milk and dairy products and baby foods and establish facilities to process […]

Govt mulls higher tax to curb fake fish farming claims

High earners from fish and poultry hatchery as well as fish farming are likely to lose the privilege of income tax reductions from fiscal 2021-22 as the government plans to introduce a new slab to collect more taxes from fish and poultry farming entrepreneurs. Taxpayers earning over Tk 30 lakh yearly may require to pay […]

Increase tobacco tax to discourage consumption

Prices of cigarettes and other tobacco products should be increased through specific taxation to bring the goods beyond people’s purchasing capacity to achieve a tobacco-free Bangladesh, speakers said at a virtual roundtable yesterday. They said increasing tobacco product price through effective taxation discourages youths to start tobacco use. Increased price also encourages existing users, particularly […]

To tax wealth, Biden would narrow ‘stepped-up basis’ loophole

To tax wealth, Biden would narrow ‘stepped-up basis’ loophole

President Biden proposed stricter application of capital gains taxes, potentially generating billions of dollars in federal revenue, on Wednesday by restricting use of the decades-old “stepped-up basis” that reduces liability on inherited property. Although the White House said it would not increase taxes on heirs who want to keep the family farm running, the largest […]