Industry

2 percent incentive on remittance to continue

The 2 percent incentive on remittance sending from abroad will continue in the next fiscal 2020-21.

 

Announcing this, Finance Minister AHM Mustafa Kamal while placing national budget in the Jatiya Sangsad said due to the 2 percent incentive announced by the Prime Minister,

 

the inward remittances grew significantly during July-May of the FY 2019-20 as US$ 16.56 billion has been earned during the period.

 

“This is making a special contribution to the country’s economy”.

 

However, he said, due to the outbreak of coronavirus in major destinations for Bangladeshi mirgrant workers and the drastic fall in global crude oil prices affecting the Middle East countries, growth in inward remittances will slow down at the end of this fiscal year.

 

He said the objectives of the incentives were to mitigate the burden of increased expenses in sending foreign remittances, and to encourage bringing in foreign remittance through legal channels.

 

Source: United News of Bangladesh