Nat’l budget on June 5

Doulot Akter Mala | Published: May 12, 2014 00:00:00 | Updated: November 30, 2024 06:01:00

The national budget for fiscal year (FY) 2014-15 is set to be placed before parliament on June 5 next.
Finance Ministry officials Sunday confirmed the budget announcement date.
The size of the budget for the upcoming fiscal year, as indicated by Finance Minister AMA Muhith, is expected to be around Tk 2.50 trillion. Budget size for the current FY is Tk 2.22 trillion.
Size of the Annual Development Programme (ADP) is likely to be set at Tk 800 billion, projecting 32 per cent growth, against the revised one of Tk 600 billion for the current fiscal year.
The target of inflation might be kept at around 7.0 per cent for the next year.
The government is going to project a 7.3 per cent GDP growth for the next FY, despite having an economic growth well below the target set in the current fiscal year.
The targeted GDP growth for the current FY has been set at 7.2 per cent, while development partners and economists have forecast a growth below 6.0 per cent.
The target for National Board of Revenue (NBR), as hinted by its chairman, will be around Tk 1.49 trillion in the upcoming FY.
For the first time, the government would set the highest target for collection of direct tax. The aggregate tax revenue collection target for the current FY was Tk 1.36 trillion that has been reduced to Tk 1.25 trillion recently. Â
Around 38 per cent or Tk 600 billion tax would be mobilised as income tax. Around 35 per cent of the aggregate tax revenue collection target would be met from domestic VAT, while the rest from customs duty.
On major tax measures, the finance minister already made it clear that there would be no 'black money whitening' opportunity in the next budget.
Tax officials said the government would spread the net for increasing collection of withholding tax and mobilising revenue from domestic sources to reduce dependence on foreign funds.