The new budget is about Tk 360 billion ($3.05 billion) higher than the budget for the last fiscal. The growth target has been set at 6.75 per cent, while the inflation target is 6.5 per cent.
Bangladesh’s parliament has passed a $67.74 billion budget for the new fiscal that began yesterday—$3.05 billion higher than FY24’s.
The growth target is 6.75 per cent and the inflation target 6.5 per cent.
Bangladesh aims to raise $46 billion in revenues for the budget and meet the $21.75-billion deficit by borrowing from abroad and domestic sources.
The size of the Annual Development Programme for this fiscal is Tk 2.65 trillion.
The 53rd budget, and the first for finance minister AH Mahmood Ali, will take effect from the first day of the fiscal after it receives the president’s assent.
Ali had presented the budget on June 6.
Bangladesh aims to raise Tk 5.41 trillion ($46 billion) in revenues for this budget.
The National Board of Revenue (NBR) has been tasked with collecting Tk 4.80 trillion in tax revenue.
Of this, the NBR has to raise nearly Tk 1.83 trillion from value-added tax and another Tk 1.76 trillion from income tax and corporate tax, according to domestic media outlets.
The government plans to collect another Tk 491.46 billion from import duties, Tk 642.78 billion from supplementary duties, Tk 700 million from export duties, Tk 58.05 billion from excise duties and Tk 19.80 billion from other taxes and duties.
It expects to raise Tk 44 billion from foreign grants.
Bangladesh plans to meet the deficit of Tk 2.56 trillion ($21.75 billion)—the difference between spending and revenue that is 4.6 per cent of the gross domestic product—by borrowing Tk 1.27 trillion from abroad and nearly Tk 1.61 trillion from domestic sources.
Fibre2Fashion News Desk (DS)
