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Full Text of Budget speech (FY22)

[In the name of Allah, The Most Gracious and The Most Merciful][Blessed is He in whose hand is dominion, and He is over all things competent] Chapter OneMadam Speaker01. I, A H M Mustafa Kamal, Finance Minister, seek your kind permission to place before this august House the Supplementary Budget...

Bundle of tax-benefits for local industries proposed

The Finance Minister AHM Mustafa Kamal, on Thursday, proposed a bunch of tax-benefits for the local industries by reducing tax on import of raw materials and offering tax holiday facility for more than a decade. A number of sectors including mega industries such as automobile (three-wheeler and four-wheeler), home appliances,...

Major sectoral allocations in budget

Govt eyes 7.2pc growth in FY 22

The government has set a 7.2 per cent economic growth target for the next fiscal year (FY), 2021-22, aiming at recovering from the economic shocks by the Covid-19 pandemic.The Gross Domestic Product (GDP) growth target is 1.1 percentage points higher than the 6.1 per cent revised estimation in the outgoing...

Allocations for agriculture and food decline

Allocations for both the agriculture and food ministries in the proposed budget for the fiscal year (FY) 2021-22 have showed a decline compared to total outlay raising concern among the experts during the ongoing pandemic situation.Tk 162 billion has been earmarked for the agriculture ministry and Tk 47.12 billion for...

Cheers for small savers

The government has increased the benefits of small savers, in the event of showing mandatory Taxpayer Identification Number (TIN), in the proposed budget.Savers at the state-run savings certificates need not to show TIN in purchasing savings certificates up to Tk 200,000, according to the budget speech delivered by Finance Minister...

2.0pc cash incentive on remittance to stay

Finance Minister AHM Mustafa Kamal has proposed to continue providing 2.0 per cent cash incentive on remittance income in the next fiscal year (FY2021-22), considering its substantial contribution to boost remittance inflow. In addition, he said, the banks would initiate special package programmes to encourage expatriate Bangladeshis to send home...

Revenue cases to go digital Says Kamal

The government has taken steps to bring cases in all the revenue courts of the country under an integrated networking system, said Finance Minister AHM Mustafa Kamal on Thursday in parliament."Steps have been taken to bring cases in all the revenue courts of the country under an integrated networking system....

Prime Minister Sheikh Hasina listening to the budget speech

Prime Minister Sheikh Hasina listening to the budget speech of Finance Minister AHM Mustafa Kamal as the National Budget for the Fiscal Year (FY) 2021-22 was unveiled in Parliament on Thursday — Focus Bangla

Inflation target set at 5.3pc

The government has taken a target to keep the average inflation rate within a comfortable trajectory of 5.3 per cent in the next fiscal year (FY), 2021-22.The 12-month average inflation between May 2020 and April 2021 was recorded at 5.60 per cent, the government data showed.In the outgoing FY 2021,...

Govt takes slew of measures to ensure financial stability

The government has taken a series of measures including formulation of a stress testing guideline to ensure financial stability in the country. Finance Minister AHM Mustafa Kamal disclosed the government's latest initiative taken considering the systemic risks while placing the national budget for fiscal year (FY) 2021-22 in parliament on...

1.0m more IT jobs by 2021

The government has proposed to employ 1.0 million people more by the 2021 calendar year in order to achieve the goal of digital Bangladesh.Finance minister AHM Mustafa Kamal on Thursday unveiled in parliament the national budget for fiscal year 2021-22 with a record outlay of Tk 6.03 trillion.He said: "More...

VAT cut in paper cone manufacturing proposed

Finance Minister AHM Mustafa Kamal proposed to make necessary amendment to the rules and reduce VAT on paper cone manufacturing from 15 per cent to 5 per cent in the next fiscal year to help the country's light engineering sector flourish.The year 2020 was declared as 'Light Engineering Products Year'...

High and premium tier cigarettes to be costlier

The proposed budget for the fiscal year 2021-22 has kept the prices of low-tier cigarettes unchanged while it has revised the price slabs of high and premium- tier cigarettes upward. However, tax and price for bidi and smokeless tobacco have also remained unchanged.Price slab of high-tier cigarettes, per 10 sticks,...

All courts to be automated

Finance Minister AHM Mustafa Kamal said on Thursday that every court in the country will be turned into an e-court and the trial proceedings will be conducted through videoconferencing not requiring notorious criminals to appear in the court."All the activities of the Supreme Court and lower courts will be automated...