Free Essay

Tax System

In: Business and Management

Submitted By mdrashed909
Words 1013
Pages 5
An Assignment on:
Review of Newspaper articles about
Budget 2015-2016
Submitted to:
Pappu Kumar Dey
Lecturer
Department of Accounting & Information Systems
Jahangirnagar University

Submitted by:
Group of Shinning Stars No. | Name | ID | 1. | Tahiyatul Azme | 1665 | 2. | Tamanna Akter | 1666 | 3. | Group LeaderMd. Monowar Hossain SarkarEmail : mhs.sobuj@gmail.comContact : 01928097689 | 1689 | 4. | Zubair Haleem Chowdhury | 1707 | 5. | Mahfuzur Rahman | 1708 | 6. | Md. Abu Rashed Jim | 1709 |

Date of Submission: August 06, 2015

Newspaper Headlines

* July 8 Inflation: target mate The rate falls to 11 year low thanks to depressed global market. Page no: 17 column: 1

* July 13
Small industries should get more incentives: economist Page no: 17 column: 3

* July 14
Tax breaks for developers, investors of hi-tech parks. Page no: 17 column: 1

* July 8
Average inflation fell to 6.41pc point’s last fiscal. Page no: 9 column: 2 * July 9
EPB bills goes through JS.
Page no: 9 column: 4

* July 9 WB forecast’s 6.7pc GDP growth for FY16
Page no: 9 column: 2

* July 12 Bill to amend VAT ceiling placed JS Page no: 17 column: 1

* July 8

Passage of financial reporting bill deferred. Page no: 1 column: 2

* July 8

Balance of payments straits
Trade deficit widens over 54pc. Page no: 8 column: 1

* July 8

Inflation drops to 6.41pc in FY15

Page no: 1 column: 5

* July 9

NBR sight set on TK 3.ob tax from tobacco

Page no: column:

* July 8 Inflation falls below 6.41pc
Page no: 25 column: 3

* জুলাই ৮ বাজেট পাশের আগে মোবাইল সম্পুরক চার্জ করতন । পাতা নং ১৫ কলাম নং ২ * জুলাই ৯ ২০১৪-১৫ আথবছরের ২২% প্রতিশ্রতি কমছে উন্নয়ন সহযোগীদের । পাতা নং ৫ কলাম নং ২ * জুলাই ১২ সাস্থ্য খাতে বরাদ্দ কমায় উন্নয়ন লক্ষমাত্রা অর্জন নিয়ে সংশয়। পাতা নং ৪ কলাম নং ১ * জুলাই ১৪
উচ্চ শিক্ষায় ভ্যাট ।
সিদ্ধান্ত পুনবিবেচনার করুন পাতা নং ১৪ কলাম নং ১

* জুলাই ৮,
বার্ষিক মূল্যস্ফীতি সাড়ে ৬ শতাংশের নিচে পাতা নং ১৪ কলাম নং ২ * জুলাই ৮,
তৈরি পোশাকের রফতানি বাড়ল মাত্র ৪ শতাংশ পাতা নং ১৪ কলাম নং ৫ * জুলাই ৮,
রাজস্ব ফাঁকি দেওয়ার দিন শেষ পাতা নং ১৪ কলাম নং ৪

* জুলাই ১৪, পোশাক চামড়া ও পাট পণ্যে নগদ সহায়তা কমল পাতা নং ১৪, কলাম নং ১

Summary of Budget 2015-2016 according to newspaper articles:
Bangladesh is one of the most growing nation of the south east Asia. Recently it passed the 44th national fiscal budget for the financial year 2015-16 of 2 lack 95 thousand 100 crore tk. in the national parliament. It is the highest fiscal budget of Bangladesh becoming independent after 1971 and it is the 7th budget presented by finance minister A M A Muhit. The budget discussed around 57 hours by the parliament members. The honorable finance minister said in the parliament that the implementation probability of the budget is 95.7%.
The important expenditure on Government and Development for fiscal budget 2015-16 is summarized as 56696 crore taka in Public services, 35190 crore taka in Internet, 34370 crore taka in Education and Technology, 28700 crore taka in Transport and Communication, 20996 crore taka in Local Government and Rural Development (LGRD), 19979 crore taka in Agriculture, 18383 crore taka in Defense services, 2755 crore taka - Industrial and Economic service and so on.
Inflation commonly refers to a rise in the general price level over a period of time. A certain portion of inflation is essential for any economy. In this budget, the government had targeted 6-6.5% inflation but is it a great challenge to our government to achieve the goal. The government had not achieved the goal last year but they reached this target very close.
In this year, the government allocates less money in garments, leather and the jute product. The government fixes 4% on this sector but it was 5% last year and it is not sufficient for this sector. Though the garments sector is the growing sector in our country but it is more important to increase the allocation to leather and jute product industry because these two sectors cannot flourish yet.
Every year, government tries to decrease dependency on loan from commercial banks but more time they cannot. Though the government takes loan from commercial banks but in 2015-16 year they decrease significantly taking loan from commercial banks because they had issued excess treasury bills last year.

Revenue collected from three sources. These are-
1. Income Tax(36.8% of total revenue), 2. Value Added Tax(36.5% of total revenue), 3. Custom Duty(26.7% of total revenue).
The Government tries to collect royal revenue from these three sources. The Chairman of National Board of Revenue (NBR) had said that, it will be difficult to fraud the tax from now. It is too difficult and challenging to achieve the goal of collecting tax revenue but it will be possible according to the NBR Chairman.
This year it is allocated less money than the previous year in health and cultural sector. It may affect in governmental health service. That’s why the standard of health service will decrease and for this the lower class people will suffer more.
Education is the backbone of a nation but it is more talking talk at recent time that “No VAT, No education”. In this budget it was the worst decision of our government that every private university students has to pay 7.5% VAT on course fee. On the other hand, the government decreases the allocation on education. It is the huge obstacle to higher study.
Supplementary Duty on call rate imposed by the government on finance bill but after the criticism the government has decreased it from 5% to 3%. It is so many burdens for mobile phone users.
The government imposed less tax on new corporate banks, sugar and oil industry to develop the banking sector, sugar industry and automobile industry. The government has tried to reduce the inequality in the society and that’s why they imposed more supplementary Duty on luxurious products, non-essential and socially undesirable goods.…...

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