Finance Minister Amir Khasru Mahmud Chowdhury on Monday told the parliament that the revenue collection of the National Board of Revenue (NBR) has crossed the milestone of Tk4 lakh crore for the first time, as a historic success in the country's revenue management.
Stating that this momentum in the revenue sector has come due to various steps taken just four months after the current government took office, he further said that although an initiative has been taken to pay VAT at a flat rate to stop harassment of small traders, raw markets and small grocery stores will be completely kept out of the scope of this VAT considering the relief of the common people.
Chowdhury also announced the repeal of Section 18(a) of the Bank Resolution Act. He also outlined a roadmap for returning the money of depositors of the five merged Shariah-based banks.
The finance minister said that based on the opinions of the stakeholders, the decision to abolish the controversial Section 18(a) of the Bank Resolution Act, 2026 has been taken.
This section stated that those who were shareholders of a bank before it went under resolution can apply to Bangladesh Bank to take over the shares, assets and liabilities of that bank again later, if they wish. Bangladesh Bank can also give this opportunity to any other suitable person if it wishes.
Controversy arose after the new section was added to the Bank Resolution Act. Opposition parties in Parliament said that this section was added to return control of the bank to controversial businessmen including S Alam.
Regarding the depositors of the five merged Shariah-based banks, the finance minister said in parliament that individual depositors of Sammilito Islami Bank will be able to withdraw a maximum of Tk2 lakh from their current and savings accounts. The remaining amount will be returned in stages.
Special humanitarian benefits have also been provided for cancer and kidney dialysis patients, Hajj savers and DPS customers.
The minister announced a set of amendments to the Finance Bill to increase investment in the capital market. These include making zero coupon bond income tax-free, tax exemption for companies listed on the stock market, additional tax benefits for companies that complete all transactions through banking channels, and a proposal to reduce tax rates on dividends.
In addition, a proposal has been made to remove the Tk5 lakh investment limit for tax concessions in mutual funds.
In his closing remarks, the finance minister claimed that as of May, assets worth around Tk72,343 crore have been seized in 11 priority cases in the country and abroad.
Twenty-three 'Mutual Legal Assistance Requests' have been sent to 13 countries to recover money laundered abroad. At the same time, initiatives have been taken to initiate civil proceedings in the first phase against six major borrower groups.
"Initiatives have been taken to control the money supply in the market through effective coordination of monetary policy and fiscal policy. In addition, efforts have been made to strengthen foreign exchange reserves, stabilize the exchange rate of the taka, increase overall productivity including agriculture and industry, and reduce taxes at the source on 60 products to control the prices of essential goods. At the same time, strict measures are being taken to eliminate defects in the supply system, increase competition in the market, and against the artificial crisis and manipulation tendencies of dishonest circles, which will gradually bring inflation under control."
Regarding the estimated 6.5% GDP growth for the next fiscal year, the finance minister said that to achieve this target, special importance is being given to increasing public-private investment, expanding the service sector including industry, agriculture and ICT, and all promising sectors.
“By bringing creative economy sectors into the mainstream, production capacity will be increased nationwide, human resource development, physical infrastructure development and the private sector will be strengthened, which will play a helpful role in achieving the growth target."