Bangladesh budget 2022-23
Bangladesh Budget 2022-23 for dummies
As an average millennial, what does the budget really mean to you? Terms, technicalities and jargon from the 343 chapters of the proposed budget are enough to send an average desk jockey into a tortuous-fuelled death spiral of confusion. This is why most reluctant millennials with no savings, or the capability to afford to own a home, remain unfazed by such fiscal highlights of the year. Unless, it disrupts the few pleasures they have in life.
Only 5.43% of total budget allocated for health sector
The health sector was yet again neglected in the national budget, with Finance Minister AHM Mustafa Kamal earmarking around Tk 36,864 crore -- 5.43 percent of the total budget -- for the sector.
Budget 2022-23: Inflationary concerns not addressed adequately
If one looks at the inflationary measures that are proposed in the FY2022-23 budget, there are ample reasons to be frustrated.
Pay tax timely or lose utility connections
From the next fiscal year, the tax authority is going to introduce a provision of disconnecting utility services of taxpayers for their failure to pay undisputed revenue demand of the government.
Wheelchair, hearing aid to be cheaper
The prices of specialised wheelchair for the physically challenged may fall in the next fiscal year as the finance minister today proposed abolishing all kinds of taxes at the import stage of the item.
ICT Division get increased allocation of Tk 274 crore
According to the budget for the fiscal year 2022-23, it has been proposed that Tk 1,917 crore will be allocated for the ICT Division.
Capital machinery duty to remain unchanged for small industries
The government proposed keeping the import duty for capital machinery unchanged at 1 per cent for the small and medium industries to give a boost to the sector.
How will the prices of consumer electronics fare up?
While most consumer electronic products will see an increase in their prices, a few consumer electronics are expected to have reduced prices after the proposed budget for the fiscal year 2022-2023.
5% advance tax on gold import goes
The government is set to withdraw a 5 per cent advance tax on the import of gold in the fiscal year of 2022-23 to encourage the import of the precious metal through formal channels and discourage smuggling.
Tech giants must submit income tax returns
Tech giants such as Google or Meta (Facebook) will have to submit income tax returns from next fiscal year.
Laptop prices set to increase
Laptop prices are set to increase, after Finance Minister AHM Mustafa Kamal proposed to impose a 15 percent value added tax (VAT) on imported laptops in the proposed budget for the next fiscal year 2022-23.
Cars, motorcycles to cost more
In the proposed budget for the fiscal year 2022-23, the supplementary duty has been increased for motor vehicles. This may increase the prices of cars and motorcycles.
Social safety net allocation to rise 5.5%
Finance Minister AHM Mustafa Kamal today proposed increasing the allocation by 5.5 per cent year-on-year for social safety net programmes carried out by the government.
Hefty subsidy to create challenge for budget management: Kamal
A hefty amount of subsidy allocated by the government to offset the price increases in the global market may pose a challenge in the budget management for the next fiscal year, said Finance Minister AHM Mustafa Kamal today.
Bangladesh Bank to carry out study for rolling out digital currency
The Bangladesh Bank will conduct a feasibility study on the possibility of introducing a Central Bank Digital Currency (CDBC) in Bangladesh, said Finance Minister AHM Mustafa Kamal in his budget speech today.
Social security, health sectors each get around 5% allocation
The public administration, education, technology, transport and communication sectors have been allocated the highest portion of the National Budget for FY 2022-2023.
Mobile handsets to be costlier
The price of the handsets will go up as the government today proposed 5 percent value-added tax on mobile handset sales.
Budget deficit Tk 245,064 crore
The overall budget deficit for the fiscal year 2022-23 will be Tk 245,064 crore, or 5.5 percent of GDP, said Finance Minister AHM Mustafa Kamal in his budget speech today.
Tk 678,064 crore budget unveiled
Finance Minister AHM Mustafa Kamal unveiled a proposed budget of Tk 678,064 crore for 2022-23 fiscal year in the national parliament today.