Expats won’t be charged for sending remittance home: Muhith

Online Desk | Update:

Abul Mal Abdul Muhith. File PhotoFinance minister AMA Muhith has said the expatriates will no longer need to pay any charge to remit their earnings to Bangladesh, reports UNB.

He made the announcement at a pre-budget meeting with members of the Economic Reporters Forum (ERF), an organisation of economic reporters of different print and electronic media, at his office on Saturday.

Admitting a decline in the remittance inflow, Muhith said, “Currently, we’re charging the expatriates for sending money. But, prime minister Sheikh Hasina has instructed us not to charge them.”

He said the finance ministry will take measures so that the expatriates can transfer their money without any charge.

The finance minister said the earnings of the non-resident Bangladeshis have been decreased because of a cut in their
salaries by their employers. “Secondly, some expatriates aren’t sending full of their earnings as they’re depositing a portion there.”

He said the outlay of this year’s national budget will be between Tk 460,000-480,000 lakh crore.

Regarding the stock market, the minister said it is yet to take a good shape although there is much improvement. “Three years ago, it was a market influenced by fraudulence. But, now we can urge the local state-owned companies and foreign companies to offload their shares in the market.”

Rejecting the idea of any special provision to whiten black money in the coming budget, he said there is always scope of declaring the undisclosed money by paying necessary fines. “We have been following such practice for the last four years.”

Replying to a query about the quality of education, Muhith said the government is now paying attention to enhancing the quality and standard of education as different circles, including guardians and pupils, are making such demand.

He said the government has taken initiatives to bring reforms in the textbooks. “We’re quite aware of the needs.”

The finance minister said although value added tax (VAT) is being collected, sometimes it is not coming to the government exchequer.

To check this, he said, the government has already launched the online VAT payment system.

Besides, electronic fiscal device (EFD) will be introduced to make it sure that VAT is being deposited to the government exchequer, Muhith said.

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