The Finance Minister has proposed a mega Tk.3.4 trillion budget for the upcoming fiscal year 2016-17. It is about 29 percent higher than the revised budget of the outgoing fiscal year.
Terming the proposed 2016-17 national budget “highly ambitious”, Opposition Leader in the parliament Raushan Ershad says it will be very difficult to implement this big size budget.
The BNP that ruled the country for over 10 years in two terms since the restoration of democracy in Bangladesh in 1990 is struggling to come up with formal reactions to the proposed budget for fiscal 2016-17.
Finance Minister AMA Muhith yesterday said he deliberately set an ambitious revenue generation target in the upcoming budget, hoping for more tax collection by the National Board of Revenue. “I have said in the budget speech that it is deliberately ambitious,” he told reporters at a post-budget briefing in the capital's Osmani Memorial Auditorium.
The proposed 1.5 percent tax at source on export is 'absurd' and 'abnormal' as such a high rate might hamper the growth of local
The proposed budget for the upcoming fiscal year increases investment in digitising government services by 36.01 percent year on year.
Finance Minister AMA Muhith has really dreamt of a big budget in every respect -- from expenditure to revenue generation. And he no longer wants to live in the 6 percent GDP class to push beyond 7 percent. But his big dream promises to put extra pressure on people across the board, as he plans through his VAT and other tax proposals to extract that extra penny from every pocket.
While economists have praised the proposed budget's emphasis on mega projects, skill development and job creation, they have termed the revenue generation target very ambitious.
The parameters of employment generation show it would be a tough task for the government in the next fiscal year to create adequate jobs, which is a key element for higher economic growth.