JS to pass Finance Bill tomorrow

The Jatiya Sangsad (JS) is set to pass the Finance Bill 2020 tomorrow with some possible changes, including the withdrawal of the proposed supplementary duty on telecom services.

Besides, the JS will approve the Appropriations Bill 2020 on June 30 through which the Taka 5.68 lakh crore national budget for FY21 will be passed.

The sittings of the House will resume at 11:00 am tomorrow after a five-day recess as the session was adjourned on June 23 last.

Tomorrow will be the last day for holding general discussions on the proposed budget for the next fiscal year.

After the leader of the House and the Prime Minister delivers her winding up speech on the proposed budget tomorrow, the Finance Minister would deliver his concluding speech and thus would incorporate the suggestions from the various quarters on the Finance Bill including from the premier and the lawmakers.

According to officials at the Finance Ministry, Kamal may cancel his plans to raise the supplementary duty (SD) on telecom services and double the deposit in VAT-related disputes following criticism and demands from various quarters.

While placing the Taka 5,68,000 crore budget for fiscal year 2020-21 on June 11, the minister proposed raising the supplementary duty on all kinds of telecom services to 15 percent from the existing 10 percent.

Expressing dissatisfaction over the move, both the operators and the users said that the taxes on mobile phone use were increased in the last few years, which has negatively impacted the service-availing trend of the customers.

Besides, some cabinet members and members of parliament (MPs) also requested the finance minister to cancel the proposed supplementary duty.

The Finance Ministry officials said the finance minister may keep most of his fiscal measures about the income tax unchanged. He has already proposed a lot of concessions in the direct tax segment to ease the burden on the individual and corporate taxpayers amid the novel coronavirus (COVID-19) pandemic.

The proposed budget is also likely to witness a change in the deposit needed for appealing against tax claims before VAT commissioners and appellate tribunals.

The finance minister has proposed to increase it from 10 per cent of the disputed amount at present to 20 percent.

He, however, may keep the scope for investing the untaxed money, also commonly known as the black money.

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