The national parliament will pass a budget of Tk 6 lacs 78 thousand and 64 crores for the the 2022-23 fiscal year on Thursday (30 June). The budget is to be passed by voice vote in the parliamentary session chaired by Speaker Shirin Sharmin Chowdhury. The new fiscal year is starting on Friday. The budget will be effective from that day.
Meanwhile, the finance bill-2022 was passed in the parliament yesterday keeping in effect the proposal to repatriate money laundered abroad. No significant amendment was made to it. When Minister of Finance AHM Mustafa Kamal proposed to pass the finance bill-2022 in the parliament session, it was passed by voice vote. Earlier, the proposals for verifying the finance bill-2022 were rejected by a voice vote in parliament. Among the amendments made by the MPs on the Finance Bill, 17 proposals were adopted by voice vote. The rest were rejected by the members.
The amendment includes that only smuggled cash can be brought into the country with a 7% tax. Provision has been made to fine those who do not take this opportunity given by the government. The amount of the fine will be equal to the agreed tax. The passed bill has also been amended to provide corporate tax benefits at a lower rate. And the opportunity in the proposed budget to bring in movable and immovable assets has been cancelled. Companies that transact more than Tk 36 lacs a year through banks will get the benefit of paying corporate tax at a lower rate.
Before passing the finance bill, Prime Minister Sheikh Hasina gave a concluding speech in the general discussion on the proposed budget in parliament. She highlighted the priorities of the budget.
The title of this year’s budget proposal is ‘Return to the Path of Development; Leaving COVID-19 Behind’. Minister of Finance AHM Mustafa Kamal presented the budget in parliament on 9 June. The MPs then discussed the proposed budget throughout the session. After the presentation of the budget, the supplementary budget of about Tk 17 thousand and 525 crores for the current fiscal year 2021-22 was passed in the parliament on 13 June. It approves the ministries or departments which have spent more than their original allocation in the current fiscal year.
In the main budget of the current fiscal year, Tk 6 lacs 3 thousand and 681 crores were allocated in favour of 62 ministries and departments. Of this, the allocation of 27 ministries and departments has been increased by Tk 17 thousand 524 crores and 64 lacs. And the allocation of 35 ministries and departments has been reduced by Tk 22 thousand 614 crores and 18 lacs. The overall net allocation of the revised budget has been reduced by Tk 10 thousand and 181 crores to Tk 5 lacs 93 thousand and 500 crores.
Meanwhile, in the new budget for the fiscal year 2022-23, the total expenditure of the government has been fixed at Tk 6 lacs 78 thousand and 64 crores. In the main budget of the current fiscal year, the amount is Tk 6 lacs 3 thousand and 681 crores. As such, the size of the new budget is increasing to Tk 74 thousand and 383 crores. In the new budget, the total revenue target of the government has been set at Tk 4 lacs and 33 thousand crores, which was Tk 3 lacs 89 thousand crores in the current fiscal year. Of this, the National Board of Revenue (NBR) has set a revenue collection target of Tk 3 lacs and 70 thousand crores, which is Tk 40 thousand crores more than the target set in the current fiscal year.
In the budget for the next fiscal year, the target for revenue collection from non-NBR tax has been set at Tk 18 thousand crores. The target for the tax-free sector is set at Tk 45 thousand crores. Apart from this, it has been mentioned in the budget that foreign grants of Tk 3 thousand and 271 crores will be available in the next fiscal year.
