FY2022-23 budget at a glance
Finance Minister AHM Mustafa Kamal has placed Tk6,78,064 crore national budget for FY23 at Jatiya Sangsad today.
This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.
Take a look at the key points of the budget-
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- Total proposed budget - Tk6,78,064 crore
- GDP growth target 7.5%, GDP size- Tk44.50 lakh crore
- Revenue target – Tk4.33 lakh crore
- Budget deficit – Tk2.42 lakh crore (5.4% of GDP)
- 5.6% average inflation in FY2022-23
- Budget deficit to decrease
- Businesses to get utilities snapped for unpaid tax
- Govt proposes to withdraw advance tax on gold imports
- Cigarettes to get costlier
- Low-income families to get food assistance at increased Tk15 per kg
- Govt proposes doubling source tax on exports
- Tk36,863 crore allocation proposed for health sector
- 10% tax increase on shaving, beautification, toiletries, disinfectant, and depilatory items
- Tax-free income limit to remain unchanged
- Textile sector to enjoy reduced tax of 15% till 2025
- Ultra-rich to pay more excise duty on bank accounts
- Tax rebate for employers of physically challenged or third gender people to amend
- 5% tax for restaurant sector
- Current account deficit has shot past $15b: Finance minister
- Import-dependent, less important govt expenditures to be stopped or reduced
- Govt decreases allocation for Covid-19 response
- Source tax on bank deposit interests of companies doubles
- Top 5 priorities in FY2022-23 budget
- Four sectors come under tax deduction at sources
- 5% VAT on locally-made mobile phones, fridges
- 6 major challenges for next fiscal year
- Tax-free forex earning for flag vessels
- Govt lowers corporate tax to 12% for non-RMG sectors
- Govt slashes source tax on raw material to 4%
- Govt committed not to increase price at consumer level: Finance minister
- Tax cuts for corporates
- Tk82,745cr subsidies for fuel, electricity, gas, and fertilizer
- Stimulus programmes will continue in the coming fiscal year: Finance minister
- Capital gain from govt securities coming under tax net
- Universal pension to take effect from next year
- 8.10 lakh Bangladeshis to be employed overseas
- Tk26,066 crore proposed for continuation of exiting projects in Power and Energy division
- Importing exotic birds to get costlier
- Laptops to get costlier
- Budget proposes digital currency as alternative to Crypto
- 10-year tax break for fruits and vegetables processing, dairy products
- Govt to examine possibility of establishing digital banks
- Govt for amnesty to bring back laundered money
- VAT officials to disconnect utility connections of defaulting businesses
- Govt proposes to keep tax exemption for women-owned SMEs
- No more capital injection for state-owned banks
- Govt eyes more industrial productivity for 'environment-friendly' economic growth
- Advance tax exempted for aircraft import
- Education gets only 1.83% of GDP
- Govt proposes 20% supplementary duty on coffee
- ADR to be made more effective
- Tk113,576 crore proposed for social safety net programmes
- Tk24,224cr for agriculture proposed
- Tk1,651 crore allocated for foreign ministry
- Tk3,808 crore proposed for fisheries and livestock ministry
- Govt spent Tk187,679 crore on Covid-recovery till now
- Power, gas line cuts put Apex Weaving out of production
- NRBs, digital service providers will not be exempted from income tax return anymore
- Govt thrust on FTAs, PTAs to overcome post-LDC challenges
- Sports to receive less in development despite overall increase
- Corporates get a big boost
- Broadband internet to get costlier
- Gas, power budget overlooks volatile spot market, capacity payment challenges
- 7.1% increase in budget for defence
