JS passes new national budget without major changes01 July 2022
Staff Reporter :
The budget for the fiscal year 2022-23 was passed in the Jatiya Sangsad without any major corrections and keeping in view the provision to bring back the money smuggled out of the country at different times by paying taxes.
The Prime Minister and Leader of Parliament, Sheikh Hasina, was present at the House at that time.
The Finance Minister AHM Mustafa Kamal called this year’s budget ‘a return to continuity of development beyond the impact of Covid.’
The budget with an outlay of Tk 6,78,064 crore of the 2022-23 fiscal year will be effective from today.
The budget passed by voice vote during a parliamentary session chaired by Speaker Dr Shirin Sharmin Chaudhury on Thursday.
The budget will need the President’s approval before it is implemented over the course of fiscal 2022-23.
On Jun 9, Finance Minister AHM Mustafa Kamal presented a draft of the budget before Parliament with focus on the recovery from the pandemic, the Russia-Ukraine war as well as six key economic challenges including containing inflation as the major one.
For this, in the budget of 2022-23 fiscal year, the finance minister had proposed to keep the inflation within 5.6 percent.
The draft was then debated among Members of Parliament, but debate on the budget was limited this year, as it was in the last year.
The budget put a target of 7.5 per cent growth domestic production (GDP).
Of this, a total of Tk 4,31,998 crore passed for other sectors including management and Tk 2,46,066 crore for the annual development programme (ADP).
The main goal of the budget is to overcome the Covid-19 shock and bring the country back to the trend of development. To that end, the main focus of the budget is capacity building in all sectors of the economy. For this, he has set a target of spending more than the revenue income in this budget.
As a result, the budget deficit was set at Tk 2,45,064 crore, which is equivalent to 5.6 per cent of the gross domestic product (GDP).
The revenue target was set at Tk 433,000 crore. Of this, the National Board of Revenue (NBR) has set a target of collecting tax revenue of Tk 370,000 crore. This income will come mainly from income tax, VAT, import and export duties.
Non-NBR tax will come from Tk 18,000 crore, and non-tax receipts have been estimated at Tk 45,000 crore. Tk 98,729 crore will come from foreign sources including grants in the deficit; Tk 146, 335 crore will come from internal sources, out of which Tk 106,334 crore will be taken from the banking sector.