National Budget
Growth target ‘difficult’: BUILD
Business Initiative Leading Development (BUILD) on Thursday said that attaining 8.2 percent GDP growth would be difficult to achieve Considering global economic loss and impact on business in the country.
National Budget for the year 2020-2021 to the amount of TK 5.68 trillion, which is 13.24 percent higher than the revised budget of the current fiscal year 2019-20, has been placed with a targeted GDP growth at 8.2 percent.
"Considering global economic loss and impact on business in the country the growth target would be difficult to achieve," BUILD said in a quick budget reaction.
In order to give a clear signal to the global community and the local and foreign investors, it said that the government should immediately prepare a COVID19 Recovery Plan and a well planned Exit Policy otherwise sustenance of economic growth and LDC Graduation target would be difficult to achieve.
The four main focused areas of the government, such as; health, education, agriculture and employment are very rightly chosen, all the announced policies and allocated budget for these areas needs to be spent and managed very ethically and practically in order to maintain its required growth path and succeed targets, it added.
BUILD Mentioned that some policies such as; increasing the tax-free income limit, reduction of advance tax on import of raw materials, increasing the threshold of turnover tax and reduction of turnover tax rate, increased allocation for the social security and welfare sectors, increased supplementary duty on cigarettes and mobile call rates, etc., also measures for reducing duties on PPEs, and other related medical equipment are appreciable steps. The government should extend special support to the interested manufacturers willing to export PPEs, surgical masks and other related products and support for raw materials import.
"A new horizon has opened for export diversification, Bangladesh can exploit these benefits."
The target of revenue collection, 9.8 percent higher than the revised target, was termed a bit ambitious considering the present situation.
"Hassles for doing business need to be reduced, in that respect more automated process as targeted by NBR needs full implementation."
Agriculture gets second highest priority with Tk 22,489 cr
Aiming to ensure food security and prevent any possible food crisis in the post-corona world, the government has given the second highest priority to agriculture by proposing an allocation of Tk 22,489 crore, up by 1,005 crores from last year’s.
Govt. allocates Tk 1478.93 crore for Youth & Sports
The government has allocated Tk 1,478.93 crore for the Ministry of Youth & Sports in the proposed national budget for the fiscal year 2020-21.
Budget: Govt allocates Tk 579cr for cultural affairs
Finance Minister AHM Mustafa Kamal on Thursday proposed allocating Tk 579.26 crore for the cultural affairs ministry in the Fiscal Year 2020-2021.
People’s lives, livelihoods ignored in budget: BNP
BNP on Thursday said the proposed national budget for the 2020-21 fiscal year has failed to reflect people’s hopes and aspirations.
EC to get Tk 1717cr in 2020-21 FY, down almost Tk 500 crore
An amount of Tk 1,717 crore has been allocated for the Election Commission in the proposed national budget for 2020-21 fiscal year, down by some Tk 500 crore of the allocation in the revised budget of the current fiscal year.
Budget proposes raising tax-free income threshold
The government has decided to change the tax-free threshold of income, tax rates and tax slabs for taxpayers other than companies and local authorities, especially individual taxpayers.
Defence Ministry’s allocation remains high despite pandemic
An amount of Tk 34,842 crore has been proposed for the Defense Ministry and other services under the ministry in the national budget for 2020-21 fiscal year.
Budget: Tk 64,580 crore proposed for communication sector
The government has proposed an allocation of Tk 64,580 crore for infrastructure of communication sectors aiming to have a modern, safe and environment friendly transportation and communication system in the country.
Black money-whitening scope proposed for fiscal 2020-21
Illegal money whitening scope was introduced for the next fiscal year 2020-21 as Finance Minister AHM Mustafa Kamal announced a plan in his budget speech in Jatiya Sangsad on Thursday.