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The planning minister indicated to increase the limit of tax free income
Bangladesh Planning Minister MA Mannan has indicated that the tax-free income limit may increase slightly in the upcoming budget. However, he did not say anything specific about how much it increases.
Low- and middle-income taxpayers are suffering due to the massive increase in the cost of living.
In such a situation, various business organizations and economists have suggested increasing the tax-free life limit in the upcoming budget. Currently in Bangladesh no tax is payable on income up to three lakh taka. Many are demanding that it be done up to five lakh rupees.
On Thursday, Planning Minister MA Mannan admitted in a BBC program that the tax-free life span needs to be increased in the current situation. But he did not say anything about how much it should be.
“A gap has been created due to inflation. Even if the amount is increased to three lakh rupees for compensation, people will get a space. His income will save a little. As far as I know, the government is thinking about it.”
The issue of increasing the tax-free life expectancy will be seen in the upcoming budget?
To such a question, the Planning Minister said, “I can hope, you can hope, that it will be taken to a reasonable level.”
How about neighboring countries?
Tax-free life spans vary between neighboring countries. It is Rs 3 lakh in India, Rs 6 lakh in Pakistan, Rs 12 lakh in Sri Lanka and Rs 4 lakh in Nepal.
Among these, various changes are made in the tax rates from time to time taking into account the cost of living and inflation in India.
In Bangladesh, the tax-free income limit has changed only once after 2015. In 2020, it was increased from 2.5 lakh to 3 lakh taka. It has not been increased since last three years.
Long queues of people continue to form in front of TCB trucks due to massive increase in commodity prices. File photo.
Are jobbers easy targets?
According to Bangladesh Revenue Department NBR, there are about 87 lakh Tax Identification Number or TIN number in Bangladesh. In the last financial year, the return has been deposited around 32 lakhs.
But NBR does not have any precise calculation of the number of employees or the amount of tax collected from them annually.
However, it is true that if the tax collection from individual taxpayers decreases, it will affect the tax revenue. As a result, the government is keen to increase the scope of income tax.
But are the jobbers becoming an easy target?
Dhaka University economics professor Saima Haque Vidisha thinks so. saying
“Low or middle income taxpayers they generally don’t evade. In the case of Board of Revenue it can be said that the employees are a safe place from where some tax will come,” said Professor Vidisha.
He said, many businessmen or organizations have huge income. But whether the tax they are paying is commensurate with that, it has to be seen. It should be seen who is staying out of income tax.
On Thursday night, the Planning Minister also admitted on the BBC program that taxes can be easily collected from the employees.
“Employees are visible, listed, listed. So say attack or raise your hands – it’s easy,” said the Planning Minister.
Why the government failed to bring the big businessmen under the tax? To such a question, the Planning Minister claimed that the government has not failed, but there are some problems.
“Those you talked about, they are not listed. They are hidden from sight. They have the capacity to spread their income in various ways and use loopholes in the law to reduce taxes and pain.”
He said, there are some aspects of law that can be taken advantage of if used strategically. He mentioned that the law needs to be reformed to stop this issue.
In the poultry industry, everything has gone up in price. File photo
Anger over taxes
Inflation is on the rise in Bangladesh. The private research organization Center for Policy Dialogue (CPD) said in a survey last year that a four-member family in Dhaka spends more than 22,000 taka on food alone, including fish and meat.
In such a situation, the organization said to reduce the tax rate on the employees and bring relief to their lives.
As the tax-free life limit is only Tk 3 lakh, a person will come under the tax only if he earns more than Tk 25 thousand per month.
But as the cost of living in Bangladesh has increased, Tk 25,000 is not enough to cover the expenses of a family. So the question arises who will earn more than 25 thousand rupees, how will they pay income tax?
In this case, low and middle income people are suffering more. Shafaetul Islam, a private employee of Dhaka, is one of them.
After deducting various office fees, at the end of the month, the salary is about 65 thousand taka. Mr. According to Islam, all of this is spent at the end of the month.
His house rent including gas, electricity, water, internet and dish bills is Tk 25,000, food is Tk 22,000, two children’s education is Tk 8,000.
With the remaining 10,000 taka, he has to pay for travel, medical expenses and other household expenses. Sometimes it is possible, sometimes you fall into a financial crisis.
But in the meantime, at the end of the year, he has to pay taxes of about 43 thousand taka. Although he got some rebate, he is angry about the amount of this tax. of Islam
“Due to the state of my monthly expenses, I have nothing left at the end of the month. When I have to pay the extra money at the end of the year, it becomes a burden for me.”
Shafaytul Islam says that the salary has not increased at the rate at which the expenditure is increasing now.
“The tax-free age limit of three lakhs or the steps after that, if the tax rate is lower, my tax might be a little less. Which would have been a little less burden for me, maybe I could have run the family a little more easily.”
I am an experienced financial analyst & writer who is well known for his ability to foretell market trends as well.
In the world of technology and innovation, few names shine as brightly as Elon Musk’s. With his ventures ranging from electric vehicles to space exploration, Musk has become a household name synonymous with groundbreaking achievements. But wait, did he really buy Google? Let’s unravel this intriguing rumor with a sprinkle of humor and simplicity.
What company does Elon Musk own?
Elon Musk is a man of many hats, or should we say, helmets. He is best known for being the CEO and founder of SpaceX, Tesla, and Neuralink, and he also co-founded PayPal back in the day. So, he owns quite a few prominent companies, but Google isn’t one of them.
How many does Elon Musk own?
Well, it’s hard to keep track of Elon’s empire. He’s like a real-life Tony Stark, owning SpaceX, Tesla, Neuralink, The Boring Company, and probably a secret moon base too (just kidding). But Google? Nah!
What did Elon Musk originally own?
Elon’s entrepreneurial journey began with Zip2, a city guide software for newspapers. Then he sold PayPal to eBay, which was quite a payday. But he never owned Google. He’s not the guy you call for your web search problems.
Did Elon invest in DeepMind?
Yes, he did invest in DeepMind before Google bought it in 2014. But that’s not the same as owning Google, right? It’s like saying you own a pizza place because you once bought a slice.
What is Elon Musk’s IQ?
Elon Musk’s IQ is often rumored to be off the charts, but there’s no official record. He’s probably too busy sending rockets to Mars to take an IQ test.
Did Elon Musk start PayPal?
Elon co-founded X.com, which later became PayPal. But PayPal is a separate entity from Google. Google has its wallet, but it’s not filled with Elon’s cash.
How many CEOs does Elon Musk have?
Musk likes to be in charge. He’s the big cheese at Tesla, SpaceX, and others. But, Google’s CEO is Sundar Pichai, not Elon.
How big is Elon Musk’s money?
Elon’s wealth is astronomical, literally and figuratively. He’s one of the richest people on Earth, thanks to his various ventures. But he didn’t buy the whole Googleplex.
Is Elon Musk an engineer?
Yes, he is! Elon Musk studied physics and economics but dropped out of a Ph.D. program to pursue his dreams. He’s a real-life Iron Man without the suit (or Google).
Who owns Tesla now?
Elon Musk still owns a substantial stake in Tesla and is the CEO. So, Tesla is in his capable hands, not Google’s.
Who runs Twitter now?
Jack Dorsey was running Twitter, but as of my last knowledge update in September 2021, he was still the CEO. Things may have changed since then, but Elon Musk wasn’t in the running for Twitter’s top spot.
What makes Elon Musk successful?
Elon’s secret sauce? A dash of innovation, a pinch of perseverance, a sprinkle of audacity, and a whole lot of hard work. But still, no Google ownership.
What is Elon Musk’s goal in life?
Elon wants to make life multi-planetary by establishing a human presence on Mars. He also aims to transition the world to sustainable energy with Tesla. He doesn’t have time for Google acquisitions.
Why Elon Musk is unique?
Elon’s uniqueness lies in his ability to turn science fiction into reality. He’s a risk-taker who isn’t afraid to tackle big problems, like colonizing other planets. Google is big, but not quite “colonize Mars” big.
What are 3 reasons Elon Musk is successful?
- Vision: Elon dreams big and takes bold steps to achieve his goals.
- Innovation: He’s a master of disruptive technologies, from electric cars to reusable rockets.
- Resilience: Elon faces setbacks head-on and keeps pushing forward.
Who owns Google?
Google is owned by Alphabet Inc., a parent company formed in 2015. Larry Page and Sergey Brin, the co-founders of Google, were instrumental in creating Alphabet. Elon Musk is not in the picture here.
Elon Musk Buys?
Elon Musk buys a lot of things, from companies to electric cars. But Google isn’t one of his recent purchases.
Did Elon Musk Buy Google and Facebook?
No, Elon Musk didn’t buy Google or Facebook. Those are separate entities with their own owners, like Mark Zuckerberg for Facebook.
Did Elon Musk Buy Mercedes?
Elon didn’t buy Mercedes-Benz, although Tesla has been a strong competitor in the electric vehicle market. Mercedes-Benz is a part of the Daimler Group.
Elon Musk Google News
Elon Musk making headlines on Google News? Perhaps for his latest SpaceX launch or a Tesla innovation, but not for buying Google itself.
Did Elon Musk Buy Amazon?
Nope, Amazon still belongs to Jeff Bezos, who’s more into e-commerce and space travel than Google.
Did Elon Musk Buy YouTube?
YouTube is part of Google. So, no, Elon didn’t buy YouTube, but he’s been known to make appearances on the platform.
How Much Is Google Worth?
Google, or rather its parent company Alphabet, is worth a colossal amount of money. Its market capitalization is in the trillions, but it’s not in Elon’s shopping cart.
FAQs (Frequently Asked Questions)
1. Did Elon Musk really buy Google?
- No, Elon Musk did not buy Google. Google is owned by Alphabet Inc., and Elon Musk is not associated with the ownership of Google.
2. What companies does Elon Musk own?
- Elon Musk owns and is actively involved in several companies, including SpaceX, Tesla, Neuralink, and The Boring Company, among others. However, Google is not one of them.
3. Did Elon Musk invest in DeepMind?
- Yes, Elon Musk did invest in DeepMind before it was acquired by Google in 2014. However, this investment does not mean he owns Google.
4. Who owns Google now?
- Google is owned by Alphabet Inc., a parent company formed in 2015. Alphabet Inc. was created by Google’s co-founders, Larry Page and Sergey Brin.
5. Did Elon Musk buy Facebook or any other major companies?
- No, Elon Musk did not buy Facebook or any other major companies like Google. Facebook is owned by Meta Platforms, Inc., formerly known as Facebook, Inc.
6. How much is Google worth?
- As of my last knowledge update in September 2021, Google’s parent company, Alphabet Inc., had a market capitalization in the trillions of dollars. However, for the most current valuation, it’s best to check financial news sources.
Conclusion
Elon Musk is undeniably a prominent figure in the tech and innovation world, with numerous successful ventures under his belt. However, the rumor that he bought Google is just that—a rumor. Google remains owned by Alphabet Inc., and Elon Musk’s involvement lies in his own array of pioneering companies. For accurate information about acquisitions and ownership, it’s essential to rely on credible news sources and official announcements.
Aslo Read : Home Library Organization: Where Chaos Meets Comedy
Ody Team is a qualified social media expert at Coding The Line, London. He had graduated from the University of Cambridge
A $10 billion Saudi-backed oil refinery project planned in Pakistan’s port city of Gwadar aims to capitalize on the troubled economy’s potential, and, sources say, lay a foundation for taking in more Russian crude.
Four Pakistani state-owned energy companies late last week signed a memorandum of understanding (MOU) with Saudi Aramco, which will inject the initial 30% equity into the project. Once built, the refinery will be able to process 300,000 barrels per day, according to details released by the government.
That alone would surpass the combined total of 215,000 barrels per day of petroleum products refined in Pakistan in 2020-2021, according to a report by the Oil and Gas Regulatory Authority.
The quartet of enterprises — Pakistan State Oil (PSO), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL) — also signed a memorandum with China National Offshore Oil Corp. for engineering, procurement and construction of the refinery. Gwadar has long been positioned as the heart of China’s Belt and Road projects in the country.
Pakistan is mired in political and economic crises, which forced it to go to the International Monetary Fund for a $3 billion standby bailout arrangement to avoid a default. For this reason, some experts Nikkei Asia interviewed expressed skepticism about the refinery project, questioning the need for the additional capacity in light of the economic woes. Security is also an ever-present concern, highlighted by a deadly suicide bombing in northwestern Khyber Pakhtunkhwa province on Sunday.
But some argue that the parties involved are playing a longer game. James Dorsey, a senior fellow at the S. Rajaratnam School of International Studies in Singapore, reasoned that although the economic situation in Pakistan is not ideal, the country, with a population of over 200 million, still has huge economic upside. “This refinery will take a few years to build and by that time economic growth is anticipated in Pakistan,” he said.
The refinery could handle Russian crude, which Pakistan has just begun importing. With Ukraine war sanctions limiting Russia’s export options and forcing discounts, a cash-strapped Islamabad turned to Moscow to bolster its energy supplies. Pakistan recently imported one shipment of Russian crude and is negotiating a second with a long-term oil transportation deal.
The secretive dealings have raised several questions: over Pakistan’s ability to process the Russian oil, as well as shipment costs, and how exactly the government can pay for the fuel in Chinese yuan. Nevertheless, a Pakistani government official privy to the developments told Nikkei on condition of anonymity that importing oil from Russia has been a success.
“Pakistan plans to increase its oil imports from Russia, which would result in a need for additional refinery capacity in Pakistan,” the official said. “The proposed refinery in Gwadar will possibly help refine increasing volumes of Russian crude.”
The Saudis, meanwhile, have been eyeing this project for some time. Crown Prince Mohammed bin Salman’s visit to Pakistan in February 2019 brought the first announcement that a $10 billion oil refinery would be built in Gwadar. After a four-year interval, Dorsey believes Riyadh is likely serious about the project now.
“Initially the Pakistanis tried to integrate the [Gwadar refinery] project in BRI but the Chinese refused it,” Dorsey said, saying the project can now move ahead outside the Belt and Road framework.
Pakistani Prime Minister Shehbaz Sharif, left, meets with Saudi Crown Prince Mohammed bin Salman in Jeddah, Saudi Arabia, in April 2022. © Saudi Royal Court via ReutersThe Saudi investors have been promised a 20-year tax holiday. Alex Vatanka, founding director of the Iran program at the Washington-based Middle East Institute, believes Aramco’s decision must have convincing commercial logic. “An investment on this scale has commercial merit,” he said. “The Saudis have the money, the economic vision, and Pakistan’s energy market is both huge and hungry.”
Experts also note that the deal comes in the context of Saudi-Iranian rapprochement, and that this could be a factor in the refinery, which is to be built just 90 kilometers from the Iranian border.
Luke Przybyszewski, president of the Abhaseed Foundation Fund, a Polish group of Middle East experts, said Pakistan could reap rewards from both sides of that detente. “Cheap energy from Iran and [foreign direct investment] from Saudi Arabia seems to be a good choice, perhaps currently acceptable to both Riyadh and Tehran,” he said.
But in Gwadar itself, some are doubtful they will see big benefits. Aslam Bhootani, a member of the National Assembly representing Gwadar, complained that the details of the project have not been discussed with him. “We often hear that MOUs are signed, but there is no development on the ground,” Bhootani said. “To date, Gwadar does not have an uninterrupted and guaranteed supply of power,” he added. “Unless this issue is resolved, no megaproject in the coastal town can be successful.”
Ody Team is a qualified social media expert at Coding The Line, London. He had graduated from the University of Cambridge
