NBR Cuts Advance Tax on Cancer Drug Materials to 2%

In the first seven months of FY 2024–25, Bangladesh’s budget deficit surged by 73.04% compared to the same period last year, reaching Tk 384.93 billion. Revenue collection stagnated, with tax revenue at just over 40% of the annual target, primarily from indirect taxes. Total expenditure stood at Tk 2.746 trillion against Tk 2.362 trillion in revenue.

In a major reform move, the Bangladesh government has officially dissolved the National Board of Revenue (NBR) through an ordinance, replacing it with two new divisions—Revenue Policy and Revenue Administration—under the Ministry of Finance. This restructuring, enacted late Monday night with presidential approval

In a bid to boost revenue and reduce tax exemptions, the National Board of Revenue (NBR) is planning to impose a 2% Advance Income Tax (AIT) on around 200 previously duty-free imported items. This move is expected to generate an additional Tk2,000 crore but has drawn sharp criticism from businesses and consumer rights groups.

Starting fiscal year 2025–26, Bangladesh’s parliament will have exclusive authority over tax exemptions, ending the finance ministry and NBR’s discretionary powers. The new "Tax Exemption Policy and Management Framework" mandates that all exemptions—including income tax, VAT, and duty—require parliamentary approval, with temporary measures needing cabinet endorsement and a one-year limit. A five-year cap will apply to all first-time exemptions, countering indefinite waivers. The policy, aligned w

The International Finance Corporation (IFC) has committed a $58 million long-term loan to Renata PLC, a prominent pharmaceutical company in Bangladesh, to ease its working capital constraints amid US dollar liquidity challenges. The funding aims to stabilize Renata’s supply chain by enabling secure access to imported Active Pharmaceutical Ingredients (APIs), vital for uninterrupted medicine production.

In Q3 of FY 2024–25, ACI Limited reported a consolidated loss of Tk 13.69 crore, a sharp decline from a Tk 1.65 crore profit in the same period last year, despite a 17% year-on-year revenue growth to Tk 3,573.50 crore.