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JS passes Finance Bill-2020

Published : Tuesday, 30 June, 2020 at 12:00 AM  Count : 423

The Jatiya Sangsad (JS) presided over by Speaker Dr Shirin Sharmin Chowdhury on Monday passed the Finance Bill, 2020 without any major changes.
After around two hours of discussion and the Prime Minister's winding up speech on the proposed budget 2020-21 and Finance Bill, 2020, it was placed before the members for their nod.
The parliament
    members cleared the bill with voice votes in the JS.
The JS will approve the Appropriations Bill 2020 on Tuesday through which the Tk5.68 lakh crore national budget for FY21 will be passed.
In the Finance Bill, 2020, the lock-in period of investing black money in the share market was reduced while the demand for reduction in 15 percent supplementary duty of telecom services was ignored as the Finance Minister opposed it considering the overall situation.
In the 2020-21 fiscal budget, Finance Minister AHM Mustafa Kamal proposed three years of lock-in tenure for investing black money in the capital market. But it has been reduced to one year while passing the Finance Bill.
The imposed tax on 'zero coupon bond' was taken back to its previous position while the finance bill also waived three wheelers from giving 15 percent supplementary duty on BRTA fees and charges.
It also made mandatory depositing 20 percent of disputed VAT amount imposed by any VAT official while filing any appeal.
But no deposit is required for going to Customs, Excise and VAT Appellate Tribunal. Previously it was 10 percent for filing appeal while another ten percent for going to the tribunal.
In his winding-up speech, the Finance Minister expressed his high optimism about implementing the budget in this adverse situation.
"Asian Development Bank projected our GDP growth as 7.5 percent which is closer to our projection of 8.2 percent. Insha Allah, we will be able to implement the budget. But, to implement this budget people of our country must come forward," he said.
"The country's people got the highest priority during this coronavirus pandemic as the government wants to save people and revive the affected economy, he said, adding that the Prime Minister had already announced 19 stimulus packages which are under implementation level.
The minister also informed that in this budget, the health sector had been given the highest importance and Tk29, 247 crore was allotted for the sector. Besides, to face the Covid 19 pandemic, additional Tk10, 000 has been proposed.
Following the PM's instruction, the roots of the country were given priority in the budget, he said adding, "Our root is our agriculture and rural economy. For that, we have given extra importance to agriculture sector where 40 percent of our employment is generated."
He believed that this agricultural sector would be the unique area of country's advancement.
The minister said people of different sectors are now passing through a critical time due to the stagnant economic situation in the country.
Opposition bench members Kazi Firoze Rashid, Mujibul Huq Chunnu, Pir Fazlur Rahman, Harun Ur Rashid, Shamim Haider Patwari, Fakhrul Imam and Rawshan Ara Mannan proposed publishing the finance bill for eliciting public opinions.
In response, the Finance Minister expressed his firm stance not to spare anyone involved in any anomaly in the banking sector. "We have to go long way, we have to walk far. But, this path is not smooth, we can do that if we get help from all," he said.
The House accepted some amendments to the bill from Kazi Firoze Rashid, Mujibul Huq Chunnu, Abu Hasan Mahmud Ali, Ali Ashraf, Mashiur Rahman Ranga and Pir Fazlur Rahman.
Later, the proposals for publishing the bill for eliciting public opinions and other amendments were rejected by voice vote.
The bill was placed in the House on June 11 where Mustafa Kamal set an ambitious 8.2 percent GDP for next fiscal.
The Finance Minister placed the national budget for 2020-21 before parliament on June 11 at a cost of Tk568, 000 crore.










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