In the proposed budget for the fiscal year 2022-23, the government has decided to give tax exemptions on foreign exchange earnings from Bangladeshi flag-carrying ships. The decision has been taken to earn 3 to 4 billion dollars ahead of the coming fiscal year. At present, these local ships have to pay 10% tax on their income.
Presenting the budget, Minister of Finance AHM Mustafa Kamal said, ‘I am proposing to exempt taxes on income brought in by Bangladeshi flag-carrying ships in foreign currency through banking channels for providing services abroad till 2030. If these proposals are accepted, it will be possible to develop the service export sector as a promising industry for earning foreign exchange. By accepting these proposals, we will be able to establish the service export sector as a potential foreign exchange earning industry of the country.’
In Parliament on Thursday (9 June), Minister of Finance AHM Mostafa Kamal raised a total budget of Tk 6 lacs 78 thousand and 64 crores for the fiscal year 2022-23. In this year’s budget, the protection of the country’s marginalised people from inflation caused by the Russia-Ukraine conflict has been given priority.
The size of the proposed budget this year is Tk 74 thousand and 383 crores more than the budget of Tk 6 lacs 3 thousand and 681 crores of the last fiscal year 2021-22.
