Govt to double gain tax on land, flat registration

The government plans a two-fold hike in the rates of gain tax on land and flat registration, and penalties for late submission of income tax returns in the upcoming fiscal 2023-24. Under the new measures, the gain tax on land and flat registration will be raised to 8% from 4% in the Rajdhani Unnayan Kartripakkha (Rajuk) and Chattogram Development Authority (CDA) areas, according to officials of the finance ministry. In other areas, the rate will be increased to 6% from 3%, they added. Additionally, the maximum limit for the gain tax will be raised to Tk20 lakh per katha or 10% of the deed value, whichever is higher, up from the current Tk10.80 lakh and 4%, respectively. The penalty for late submission of income tax returns will also be doubled to 4% of the payable tax, and these changes will be incorporated into the new income tax law, expected to be passed in parliament during the upcoming budget session. Currently, the registration costs for land include a 1% registration fee, 1.5% stamp duty, 2% local government tax, and 4% or 3% gain tax.

Source: https://www.tbsnews.net/economy/budget/govt-double-gain-tax-land-flat-registration-638738

Govt to avoid being guarantor of loans to reduce risk

The government plans a significant reduction in loan guarantees for state-owned enterprises in a bid to boost the capacity of the institutions and reduce external debt burden. Finance ministry sources have revealed that under the new measures, the government will cease to guarantee loans for government institutions or projects except for those deemed genuinely important in the public interest e.g. the TCB’s open market sale of essentials at subsidised rates and import of fertilisers. This strategic move is expected to enhance the efficiency in managing government enterprises, particularly ones that have been running at a loss for long and have become overly reliant on government assistance. According to information revealed in the budget for the current fiscal 2022-23, the government had extended guarantees of Tk92,602 crore against loans taken by various state institutions until 30 June 2022, which was Tk57,000 three years ago.  Officials from the Finance Division anticipate that the guarantee amount will reach around Tk98,000 crore by the end of the current financial year. This indicates a net increase of approximately Tk6,000 crore in guarantees during the ongoing fiscal year.

 Source: https://www.tbsnews.net/economy/govt-avoid-being-guarantor-loans-reduce-risk-639162

Ford, Tesla shares jump over 7 per cent on Superchargers deal

Ford Motor Co shares jumped by more than 7 per cent on Friday after the No. 2 US automaker announced a deal allowing its electric-vehicle owners to access rival Tesla Inc’s charging stations in North America, reports Reuters. Tesla’s Superchargers could become the standard for EV charging in the United States, Ford CEO Jim Farley told CNBC, but added: “With adapters and software, we really don’t have to make a choice right now what the standard is, but I think it’s going to play out in the free market.” Ford shares were up 7.6 per cent at $12.25 in afternoon trade, while Tesla shares rose 7.5 per cent to $197.95. US Transportation Secretary Pete Buttigieg praised the Ford-Tesla deal, but told CNBC that the Biden administration would not dictate an EV charging standard. For them to be part of this effort I think is terrific news. Access to charging stations is considered one of the main hurdles so far to broader acceptance of electric vehicles. Farley added that General Motors Co and other automakers are going to “have a big choice to make” in selecting between Tesla’s EV chargers and the Combined Charging System (CCS).

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ford-tesla-shares-jump-over-7-per-cent-on-superchargers-deal-1685201381