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Cashless transactions are set to boost digitalisation and push towards a cashless economy, says finance minister
Published : 06 Jun 2024, 09:18 PM
The government has announced a substantial tax exemption for 19 Information and Communication Technology businesses to promote digitalisation and a cashless economy.
Finance Minister Abul Hassan Mahmood Ali presented the budget for the fiscal year 2024-25 on Thursday.
He proposed to keep 19 ICT businesses tax-exempt for the next three years, provided they implement cashless transactions.
The 19 tax-exempt businesses are:
- AI based solution development
- Blockchain-based solution development
- Robotics process outsourcing
- Software as a service
- Security service
- Data analytics and data science
- Application development service
- Development and customisation
- Test lab service
- Listing, website development and service
- Assistance and software maintenance service
- Information Service
- Animation development
- Graphics design
- Data entry and processing
- Platform and e-publication
- Freelancing
- Center service
- Conversion, imaging and digital archiving.
Many of the 19 businesses mentioned in the latest budget had been among the 27 enjoying the facilities earlier.
Finance Minister Ali also emphasised the government's commitment to enhancing financial transparency and promoting cashless transactions in his budget speech.
The inter-operable digital transaction platform 'Binimoy', launched on Nov 13, 2022, aims to facilitate financial transactions across 109 countries, “fostering progress towards building a Smart Bangladesh”, he said.
As of Dec 2023, 37 banks have introduced Bangla QR code-supported apps under the 'Cashless Bangladesh' programme, according to him.
The finance minister expressed optimism that these initiatives would pave the way for widespread adoption of cashless transactions, contributing to the nation's economic progress.
