Wednesday, June 12, 2019 11:00:04 PM
Kazi Zahidul Hasan :
Finance Minister A H M Mustafa Kamal will place the national budget for the upcoming fiscal year in parliament today, outlining plans and strategies towards achieving the country's future development goal.
He is likely to place another 'big budget' taking the trend of previous budgets of ruling Awami League.
The size of the upcoming budget has been estimated at Tk 5,23,190 crore, the highest in monetary term in the country's history.
The budget for 2019-20 would be 650 per cent bigger than the original budget of the country's first budget and 18 per cent bigger than the original budget (Tk 4,64,573 crore) of the outgoing fiscal.
Late Tajuddin Ahmed, country's first finance minister, presented the first one in 1972 in the parliament, with only Tk 786 crore expenditure plan.
In his maiden budget speech, the Finance Minister may propose a number of reform measures to encourage investment, promote jobs, boost exports and stimulate GDP growth.
"You will see a lot of reforms in different areas in the next budget," said the Finance Minister at a consultative committee meeting between the NBR and business community.
He said such measures would be rolled out to make economy more vibrant.
The Finance Minister may announce a fresh black money whitening scheme in the next budget to attract investment and unveil plan for enlarging the number of registered tax payers to one crore to increase the country's tax to GDP ratio.
Officials said, people would get the opportunity to disclose their undeclared income through investment in the industrial sector.
Among the major income tax measures, he may also propose extension of tax holiday facilities for industrial sectors until 2024, reduction of area-wise real estate tax rates, and upward adjustment of tax-free ceiling for dividend income in his budget speech.
"Futuristic measures will dominate his budget proposals that will lead the country to the next development path," an anonymous finance ministry official told The New Nation yesterday.
He also said that it will also focus on fulfilling electoral pledges of the ruling Awami League that assumed office for the third consecutive term after the landslide victory in December 30 national election.
In the fiscal year 2019-20, the total revenue income has been estimated at Tk 3,77,810 crore, according to leaked budgetary outlines.
Of this target, the National Board of Revenue (NBR) has been tasked to mobilise Tk 3,25,600 crore revenues, which is 17.92 per cent more than the outgoing fiscal 2018-19.
The estimate of tax from non-NBR sources has been fixed at Tk 14,500 crore, the non-tax revenue (NTR) at Tk 37,710 crore and Tk 4,168 from other sources.
The next budget will announce the implementation new VAT law with multiple rates from July 1, and it will be a key tool for NBR's additional revenue income.
The new budget may not bring any cheer to the individual tax payers, as it may keep the existing tax-free threshold for individual taxpayers and corporate tax rates unchanged for fiscal year 2019-20.
In the next budget, the allocation for the non-development and other expenditure has been estimated at Tk 3,10,262 crore and development expenditure at Tk 2,11, 683 crore, leaving Tk 1,45,380 crore deficit which is 5.0 per cent of the GDP.
The next budget is likely to project the GDP growth target at 8.2 per cent and rate of inflation at 5.5 per cent.
Officials said, the new budget would launch several new schemes, like crop and expatriates' insurance, start up fund and incentive against remittance, from the next fiscal year to support the farmers, remittance senders and unemployed youths.
The government would allocate Tk 2,800 crore fund in the next budget for providing incentive to the remittance senders and Tk 100 crore for start-up fund.
Unemployed youths can be entitled to take loan from the start-up fund for launching a business venture. The fund will be raised further if the scheme gets response from the targeted group, said a finance ministry official.
Besides, crop insurance would be launched in a particular district on the pilot project basis.
The Finance Minister may also announce widening of the coverage of social safety-net programme in the next budget adding 13 lakh more people under its net from the upcoming fiscal year, taking the total number of beneficiaries to 89 lakh.
The government is likely to set aside Tk 70,000 crore fund in the next budget to implement the programme.
The budget will offer tariff protection for local industries to sustain their production and maintain edge in global arena.
"The budgetary goals are ambitious and difficult to achieve under the prevailing economic condition," Professor Mustafizur Rahman, Distinguished Fellow at the Centre for Policy Dialogue (CPD) told The New Nation yesterday.
He said employment generation is one of the key challenges before the government in the Budget 2019-20.
"The government should pay serious attention for raising private investment and jobs through budgetary measures in the next fiscal year. "Otherwise, it will face challenge in sustaining growth."
Professor Mustafizur Rahman urged the government to fix the banking sector malady to increase private investment.
Sheikh Arif Bulbon :With the participation of models from 25 countries of the Asia continent ‘Asia Model Festival 2019’ was held on June 10 in Seoul, Korea. From Bangladesh celebrity model Tanjia Zaman Methila took part in the festival. She won the ‘Star of Asia’ award in the festival. Methila ...
Mohammad Shahzad has threatened to quit cricket after being declared unfit for the remainder of the World Cup by the Afghanistan Cricket Board (ACB).The opening batsman and wicketkeeper played in Afghanistan's first two matches but the ACB cut him from the squad last Thursday, saying his knee injury would not ...
AFP, Rio De Janeiro :With Neymar sidelined by an ankle injury, Lionel Messi heads into the Copa America this weekend as the competition's main attraction but one with a desperate need to end more than a decade of hurt with Argentina.The five-time Ballon d'Or winner has one of the most ...
AP, Bangkok :Thailand's junta leader was officially proclaimed prime minister on Tuesday after the king endorsed Parliament's vote for him to serve another term.Gen. Prayuth Chan-ocha knelt before a portrait of King Maha Vajiralongkorn and performed three elaborate bows during a ceremony at his government office to confirm his appointment.Prayuth ...
POLICE on Monday arrested the bus driver from Dhobaura upazila of Mymensingh who ran a passenger over after he was pushed off the vehicle by its helper at Bagher Bazar in Sadar upazila of Gazipur. Police said the victim's younger brother filed a murder case accusing four people. On Sunday, ...
Mustafizur Rahman was at his best during Bangladesh's World Cup opener against South Africa and the Tigers began the journey with a bang.He claimed 3-67 in 10 overs, the economy rate may look bad but he struck in crucial moment to deny South Africa chase down Bangladesh's total as they ...
A series of low score like 16, 24, 19 in the first three matches of the World Cup isn't acceptable from a batsman like Tamim Iqbal who unarguably is the best ever opener the Bangladesh have ever seen.It's also not acceptable for a batsman who is the highest scorer for ...
AP, Islamabad :Renewed efforts are underway to jumpstart stalled peace talks with the Taliban as a U.S. envoy is in Kabul and Pakistani and Afghan officials are meeting in Islamabad.U.S. envoy Zalmay Khalilzad says he's holding meetings with Kabul officials on Monday, seeking to bring about a new round of ...
British Foreign Secretary Jeremy Hunt, a contender to replace Theresa May as prime minister, said Sunday that German Chancellor Angela Merkel had indicated the EU would be willing to renegotiate the Brexit divorce deal.Hunt, one of nearly a dozen Conservatives vying to succeed May after she resigned as party leader ...
DENGUE has taken a turn for the worse in Dhaka since May 1 as a survey has found high presence of the vector of the disease, Aedes mosquito, in the capital. So far this year 258 people were hospitalised with dengue in Dhaka and two of them died. But 148 ...
Telugu actress Nandita Sweta, who was recently seen in mystery thriller Seven, is excited about her upcoming Tamil film in which she is going to play a cop. The next film of the actress is all about IPC Sections, and even the title is going to be something similar to ...
Bangladesh captain Mashrafe Bin Mortaza urged his side not to be panicked in the wake to successive defeats, stating that the Tigers are capable enough to turn the things around.The most successful captain of the country said their mission to seal the semifinal spot is still on the track as ...
AFP, Colombo :India's Prime Minister Narendra Modi Sunday made an unscheduled stop at a Catholic church bombed during the Easter suicide attacks ahead of his official welcome to Sri Lanka.Modi's entourage made a detour to St Anthony's shrine on their way to President Maithripala Sirisena's office, where a red carpet ...
A CASE was filed with the Rajbari Police Station on Saturday against four burqa clad people for trying to kill a class ten female student in Pachuria Union under Rajbari Sadar Upazila by dousing her with kerosene and setting her ablaze after kidnapping her from home on Thursday afternoon. The ...