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Making the budget work
Fahmida Khatun, 12:00 AM, June 21, 2016
The mid-year event of discussing the national expenditure and income, and their implications, has caught the attention of a broader section of people over the years. The national budget, which is also supposedly the reflection of the political philosophy of the government, gives the government the right to undertake various fiscal measures for a year, through which it can collect taxes from people and undertake various development programmes for the country. Thus the budget can play a key role for economic growth and poverty reduction. Moreover, measures taken in the budget have direct impact on the day to day lives of the people. Not only are individuals’ income and expenditure patterns affected through tax measures of the budget, decisions on business, trade and investment are also influenced by budgetary measures. Tax collections, government borrowing and expenditure patterns can also have an impact on these areas. This process in turn can contribute towards employment generation and economic growth. Besides, direct allocations for various social sectors and poverty reduction programmes can help eradicate poverty.
When the budget has such wide spread importance on the economy and its various sectors, it naturally deserves public scrutiny. Undoubtedly, over the years, awareness about the budget has increased, at least among the city dwellers, so have the concerns. Quite contrary to the government’s objectives to do good for people by way of boosting the economy through resource mobilisation from domestic and foreign sources and spending for development activities, people get anxious before the announcement of the year’s budget. Concerns surface among the salaried people as to whether there would be new taxes and by how much the prices would go up following the budget announcement, and how they would manage with a reduced income. The business community, investors and entrepreneurs also get concerned about the taxes and tariffs on income, export, import, investment, employment generation and profit.
Budget to put pressure on low-income people
Star Business Report, 12:00 AM, June 21, 2016
The Transparency International Bangladesh has called for reconsidering the proposed budget, saying it has slyly passed on the tax burden to lower income groups and the general people in its bid to reach the revenue generation goal.
If the proposals are approved, it will expand socio-economic inequality and stoke instability, said the local chapter of the Berlin-based global anti-corruption movement in a statement on Sunday.
The proposed budget has imposed various direct and indirect taxes on low-income groups, small savers, investors and pensioners, said Iftekharuzzaman, executive director of the TIB.
The budget has inequitably proposed to deepen the tax burden on service holders who pay tax regularly and the common people who contribute to most of the VAT income.
Savings certificates are a major credible investment tool for the lower income groups, but the imposition of additional tax on it will prevent them from having an extra income, the TIB said.
Besides, the tax rebate scope, along with the increase in direct and indirect taxes, has been cut drastically for the low-income groups compared to the rich and the wealthy.
Top strikers fail to fire
Afp, Paris, 12:00 AM, June 21, 2016
They scored a combined 203 goals last season, but superstar strikers Cristiano Ronaldo, Robert Lewandowski, Zlatan Ibrahimovic, Thomas Mueller and Harry Kane have yet to find the net at Euro 2016.
A new, extended 24-team format was expected to give Europe’s finest poachers the opportunity to boost their goalscoring stats in a battle royale to claim the tournament’s golden boot.
Yet the opening 10 days of the competition have seen the continent’s minnows shine with the big guns relying on late goals to dig them out of trouble.
Ronaldo’s troubles have as ever taken centre stage.
Football’s own Mr. Marmite, the three-time World Player of the Year’s ability to divide fans into lovers and haters was in full show after the Real Madrid star was frustrated in his attempt to become the first player to score in four separate European championships against Austria on Saturday.
Three weeks on from scoring the winning penalty as Real saw off locals rivals Atletico Madrid to win the Champions League, Ronaldo hit the post from the spot.
Social media was awash with people revelling in Ronaldo’s misfortune. Yet one devoted follower was left in tears of joy after securing a selfie with his hero on the pitch at full-time.