Скачать или смотреть An Evaluation of the National Budget of Bangladesh - Part 4

National Budget of Bangladesh for the FY 2022-2023: An Evaluation

The budget is a statement of the government’s one-year income and expenditure. The importance of the National Budget is different for different stakeholder groups. Every stakeholders have few wants in the national budget, and their interest is different as a result making everybody happy through the national budget is impossible. Because the interest of an importer is completely opposite of its manufacturer. The interest of a revenue collector is completely opposite of a taxpayer. Therefore the government has to make a budget for the great interest of the nation as a whole. It identifies sources of revenue and allocates money for meeting up operational as well as development needs of the state and the nation.

Finance Minister of Bangladesh Mr. AHM Mostafa Kamal proposed a national budget amounting to 6 lac 78 thousand 64 Crore taka for the fiscal year 2022-2023. The top priorities of the said budget are restraining inflation due to COVID-19 & Russia-Ukraine war; Agriculture; Health Education and Skills Development; Boosting domestic investment & export; job creation & rural development.

As sources of revenue/resources government are planning to collect 54.6% from NBR tax revenue, 21.6% from a domestic loan, 14.1% from a foreign loan, 6.6% from nontax revenue, 2.6% from Non-NBR tax revenue, etc. sources. On the other hand, the government allocated the highest amount 19.9% in public administration, followed by 14.9% in education and technology, 12% in transport and communication, 11.9% in interest expenditure, 6.2 % in Agriculture, 5.5% in social security and welfare, etc. sectors.

The government proposed to reduce 2.5% the corporate tax for a few sectors with a tough condition remaining unchanged. The government inspired local manufacturing and discouraged imports through this budget. Universal pension schemes were offered in this budget but their implementation modalities and institutional arrangement are not clear till now. There are a few controversial issues in this budget like providing judicial power to the revenue collectors, allowing smugglers' money to be returned back with a minimal tax lower than the corporate tax rate, etc.

Mr. MS Siddiqui, a legal economist and business leader is discussing the overall implication, advantages, disadvantages, positive initiatives, negative initiatives, shortfalls, and recommendations to make this budget effective and public-friendly.

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