Bangladesh’s budget 2022-23
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.
Tk 16,000 crore subsidy for fertiliser proposed
The government is going to increase the subsidy by big margin for fertilisers in the next fiscal year (2022-23) due to the sharp rise in its price in the global markets.
Garment or non-garment -- same tax rates for all export industries
The government has proposed a uniform tax rate on the earnings of the services export and goods with a view to encouraging diversification of export goods and ensuring a level-playing field for all other sectors exporting goods and services.
6 challenges for Finance Minister
Finance Minister AHM Mustafa Kamal sees six major challenges for the fiscal year 2022-23:
Additional 1% cash incentive on garment exports to continue
The additional 1 per cent cash incentive on the export receipts of readymade garments would continue in the next fiscal year as the government looks to boost the shipment of clothing items.
5.6% inflation target set for FY2022-23
The government has set a 5.6 per cent inflation target in the proposed budget for the 2022-23 fiscal year although the prices of essentials and other commodities are persisting at higher levels.
Govt moves away from injecting funds into state banks
The government has no plans to inject capital into state-run banks as it has already taken several initiatives to put an end to this culture, Finance Minister AHM Mustafa Kamal said today.
Source tax may be doubled
The government proposed increasing the source tax on export proceeds to 1 per cent from the existing 0.5 per cent in the next fiscal year.
Chronology of Bangladesh’s national budget
Finance Minister AHM Mustafa Kamal is placing the national budget for fiscal year (2022-2023) at the Jatiya Sangsad.
More excise duty for the rich
The bank accounts with balance over Tk 5 crore may have to pay more excise duty from the next fiscal year.
GDP growth target set at 7.5%
The Bangladesh government has set a target of 7.5 per cent growth of the country’s gross domestic product (GDP) in the upcoming fiscal year of 2022-23 beginning from July.
Cabinet okays National Budget for FY 2022-23
The Cabinet at a special meeting today approved the proposed national budget for the fiscal year 2022-23.