‘Ambitious’ budget focused on VAT
Finance Minister AMA Muhith today unveiled a mega Tk 4,00,226 crore budget, the highest till date, with an ambitious 7.4 percent growth under steady inflation.
“The budget for fiscal year 2017-18 is indeed an ambitious one,” Muhith, a veteran who placed his 11th budget at a full House, said during his speech.
The revenue target has been set at Tk 2,87,991 crore leaving a deficit of Tk 1,12,275 crore. A total of Tk. 32,149 crore will be sourced from savings certificates and non-banking sources and Tk. 28,203 crore from the banking system.
READ MORE: Budget in pie charts
The National Board of Revenue (NBR) would generate Tk.2,48,190 crore of the targeted amount. The target of Non-NBR tax revenue collection has been fixed at Tk.8,662 crore.
A key focus of the public was on the excise duty placed on bank accounts, which has not been doubled, but increased to Tk 800 from Tk 500, for a balance of Tk 1 lakh to Tk 10 lakh.
This budget will be accommodating the government’s plan to walk down the line of election campaign, two years ahead of a scheduled parliamentary poll.