The government is likely to fail to implement its national budget fully in the ongoing fiscal year owing to policymakers’ over-optimism and a lack of capacity of public agencies.
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.
A 10 percent supplementary duty on the import of optical fiber cable has been proposed in the new budget for FY 22-23. Md Imdadul Hoque, President of Internet Service Providers Association of Bangladesh (ISPAB), says that the increased taxation on optical fiber import will increase the price of broadband internet in the country.
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.
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.
The allocation for the education sectors in the proposed budget for the upcoming fiscal year of 2022-23 has reduced in terms of the Gross Domestic Product (GDP).
Tech giants such as Google or Meta (Facebook) will have to submit income tax returns from next fiscal year.
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.
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.
Finance Minister AHM Mustafa Kamal sees six major challenges for the fiscal year 2022-23:
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.
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.
Finance Minister AHM Mustafa Kamal unveiled a proposed budget of Tk 678,064 crore for 2022-23 fiscal year in the national parliament today.
Finance Minister, AHM Mustafa Kamal will be presenting the proposed budget for the financial year of 2022-2023 on Thursday, June 9, 2022. Alongside the general public, Bangladeshi celebrities and stars also have certain expectations from the government in regards to the upcoming budget. Actor Sohel Rana, musician Kumar Bishwajit, actor Riaz Ahmed and actress Meher Afroz Shaon spoke to The Daily Star about their expectations for the budget.
The budget for the next fiscal year should be framed by taking into account the new challenges facing the economy and the cost of living crisis confronting people, said a noted economist.
Austerity and generosity may not go hand in hand, but Finance Minister AHM Mustafa Kamal faces a situation where he has to apply both when he unveils the budget for the next fiscal year today.
AHM Mustafa Kamal, whose life has been full of struggles, had dreamt of becoming the finance minister, so he consciously entered politics.
What is the purpose of the national budget? In essence, it is to allocate scarce resources.
How can they contribute to the budget without taking part in the discussions?
