Finance Bill passed with cut in tax at source for exports

The Finance Bill 2016 has been passed with several amendments to the budget proposals including a cut to 0.7 percent from 1.5 percent in tax at source for exports, including ready made garments.

Parliament passed the Bill on Wednesday after Deputy Speaker Md Fazle Rabbi Miah placed it for voice vote.

The Bill exempted ICT firms from paying VAT on the income from rent of their office spaces or other facilities. Finance Minister AMA Muhith had proposed 15 percent VAT on the rent.
 
Prime Minister Sheikh Hasina, during budget discussion on Monday, requested Finance Minister AMA Muhith to make several changes to the proposed budget. 
 
In his concluding speech on Wednesday, Muhith said all the changes the prime minister had proposed had been accepted.
 
The prime minister and Leader of the Opposition Raushan Ershad were present during the passage of the Bill.
 
Speaker Shirin Sharmin Chaudhury presided over the session when Prime Minister Hasina delivered her speech, but the deputy speaker later chaired the session.
 
Muhith had placed the Finance Bill along with the Tk 3.41 trillion national budget for 2016-17 in Parliament on June 2.
 
Deputy Leader of the House Syeda Sajeda Chowdhury and leader of the opposition spoke on the budget on Wednesday morning.
 
The budget for the new fiscal year, beginning on July 1, will be passed in Parliament on June 30.