Budget FY21: Govt to keep existing 2% incentive on remittance

Finance Minister AHM Mustafa Kamal has proposed continuation of the existing 2% incentive on remittance in the national budget for 2020-21 fiscal year. In his budget speech in the parliament on Thursday afternoon, the finance minister said the prime minister announced the incentive at the rate of 2% on money remitted by expatriate Bangladeshis in the budget of the last fiscal year. “These objectives were to mitigate the burden of increased expenses in sending foreign remittances, and to encourage bringing remittance through legal channels,” he added. Remittance inflow grew by 8.72% to $16.56 billion in 11 months of the outgoing fiscal year, as per Bangladesh Bank data.