In the proposed budget for FY2022-23, the government has decided to give tax exemption on foreign currency income by Bangladeshi flagged oceangoi
In the proposed budget for FY2022-23, the government has decided to give tax exemption on foreign currency income by Bangladeshi flagged oceangoing ships from the upcoming fiscal year in a bid to earn $3 billion to $4 billion a year.
Currently, these local ships have to pay 10% tax on their incomes.
“I propose to exempt the income earned in foreign exchange by ocean going vessels carrying Bangladeshi flag from paying tax until 2030 if the income is brought into Bangladesh through banking channel. By adopting these proposals, we will be able to establish the service export sector as a potential industry for earning foreign currency for the country,” Finance Minister AHM Mustafa Kamal said while placing the budget.
The finance minister has placed the Tk6,78,064 crore national budget for FY23 at Jatiya Sangsad according top priority to safeguarding marginal people from inflation fuelled by the Russia-Ukraine conflict.
This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.
The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.
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