Budget FY23: All stories.

A quick access to all stories related to the proposed national budget for the 2022-23 fiscal year, tabled in parliament on June 9

Allocation for law enforcement agencies increased by 1,853C

National Parliament of Bangladesh

Public Security Division and Security Services Division jointly get Tk28,781 crore.

Government to impose 5% VAT on locally produced refrigerators

Manufacturers have been exempted from import duty for raw materials until 2025.

Tourism industry gets Tk1,000 crore as incentive

Bangladesh’s tourism industry was hit hard by the Covid-19 pandemic, says Finance Minister AHM Mustafa Kamal.

State-owned banks will not get any more capital injection

'They (state-owned banks) have the highest capital deficit in the country's banking sector'.

Defence budget increased by Tk2,827 crore

Tk44 crore has been set aside as operating costs of the Armed Forces Division, says the finance minister.

10 ministries with highest allocation

The total amount allocated to these priority ministries and departments of the government is Tk3,09,511.

Fertilizer subsidies to go up by 4000C

As the price hike continues, the subsidy for fertilizers has been increased to Tk16,000 crore this time, says the finance minister.

Over 50 warehouses to be constructed for safe chemicals storage

The contribution of the industrial sector to the GDP stood at 35.36% in FY22.

Penalty for VAT, tax return deadline halved

The maximum time for charging interest on the arrears of VAT have been set at 24 month

Maximum allocation for loan interest payment

Out of the allocation proposed in the budget, 19.2% has been allocated for loan interest.

Utility lines to be cut if arrears are not paid

Necessary steps are being taken to prevent tax evasions, the finance minister says.

Govt to impose 20% tax on toiletries

Currently, a tax rate of 10% is imposed on such items which include fragrances, makeup items, shaving items, toiletries, and disinfectant items.

Government slashes source tax on raw materials to 4%

Source tax rate on supplies of trading goods has also been reduced to 5% from 7%.

Stimulus programs to continue

Stimulus programs will continue in the 2022-2023 fiscal year to accelerate development by speeding up the recovery process and bringing back the economy to its pre-pandemic state, said Finance Minister AHM Mustafa Kamal.

Per capita income estimated at $3,007

It was $2,824 in the 2021-2022 financial year, says the finance minister.

Exotic bird import to get costlier by 20%

The country currently imports luxurious birds with 5% import duty.

Submission of income tax returns must for tech giants

Finance minister proposes to make presenting proof of submission of return mandatory in cases where ‘income arises to person from Bangladesh through digital presence’.

Tariff proposed on motorcycles of more than 250cc

Factories are being set up in the country to manufacture motorcycles with more than 250cc engine capacity, says the finance minister.

Bangladesh Bank to conduct study to roll out digital currency

Banks across the world are working on launching their digital currencies as cryptocurrencies become riskier.

Turnover tax for startups to be cut

It was proposed to be slashed from last year’s 0.6%.

Bangladeshi digital currency could be coming soon

As the risky use of virtual currencies such as cryptocurrencies continues to grow worldwide, many central banks around the world are working to launch digital versions of their currencies as an alternative to cryptocurrencies.

Unemployment insurance in the works

Maternity, sickness and employment injury insurances also on the cards.

Revenue collection target is 4,33,000C

NBR will collect Tk3,70,000 crore while the rest will be collected from various other sources, says the finance minister.

Six major challenges

The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.

Price of first-class train tickets will go up

15% VAT will be imposed on air-conditioned (AC) services as well, says the finance minister.

Social safety net allocation to rise 5.5%

The proposed allocation is 16.75% of the total budget.

Top 5 priorities

Top priority has been given to containing inflation stemming from the fallout of the Covid-19 pandemic and the Russia-Ukraine crisis, says the finance minister.

Proposal to lift duty-free facility on masks, sanitizers

Prices of Covid-19 essentials are likely to go up.

Textile millers to enjoy 15% corporate tax until 2025

'The tax policy of the government provided support in making this industry competitive internationally'.

20% taxes imposed on luxury goods

Various taxes are being levied on more than 50 luxury products in this 2022-2023 fiscal year, to save dollars.

12% corporate tax for non-RMG exporters

10% corporate tax for all other green industries exporting goods and services as well.

Car prices to go up

Supplementary duty on hybrid vehicles will increase.

Corporate tax reduced further

Target for private investment to GDP ratio can be achieved by reducing corporate tax rate, says finance minister.

15% VAT imposed on imported laptops

Laptop computer imports are subject to VAT exemption. As a result, domestic computer manufacturers are facing uneven competition.

Finance minister: No scope to launder black money from capital market

The government last year continued the opportunity to launder black money on the condition that it invest in the capital market, says the finance minister.

5% tax for restaurant sector

Finance Minister on Thursday placed the Tk6,78,064 crore national budget for FY23.

25% more excise duty for well-offs

Anyone with bank balance over Tk5 crore will have to pay more excise duty.

Power-energy chunk shrinks slightly

The government mulls disconnecting power, gas and water connections of VAT-defaulting business entities.

Tax will increase by Tk10 thousand for Tk5C in bank account

An excise duty of Tk50,000 will be deducted now for deposits over Tk5 crore.

Subsidy spending increased to Tk83,000 crore

Increases in oil, gas and fertilizer prices in international market could increase subsidy spending by another 15-20%, says finance minister.

Funding for Covid-19 response to be reduced

Tk5,000 crore will be reduced from the Covid-19 fund, says the finance minister.

Tax-free income limit remains unchanged at Tk3 lakh

If a person's monthly income is more than Tk25,000 in the fiscal year 2022-23, he has to pay income tax.

Gold prices will go down

The advance tax will be withdrawn to encourage traders to trade gold legally, says the finance minister.

Govt to borrow Tk35,000 crore from savings certificates

The deficit of the budget is estimated at Tk2,41,793 crore.

Cigarettes to become costlier

The government plans to increase cigarette prices in a bid to reduce tobacco product consumption and maximize revenue collection from this sector.

Attempts to keep inflation at 5.6%

In the 2021-22 financial year, the finance minister had announced that inflation would be tied at 5.3% which has now crossed 6%.

Prices up, prices down

Covid-19 equipment including mask prices to go up.

Food assistance for low-income families at increased price of Tk15 per kilogram

As many as 50 lakhs low-income families will receive 30kg of rice as food assistance at an increased rate of Tk15 per kg. 

Mobile phones to be costlier

Currently, there is a 58% tax on smartphone imports.

GDP growth target 7.5%

In the budget for 2022-23 fiscal year, the growth of gross domestic product (GDP) has been targeted at 7.5%.

Finance minister likens PM Hasina to a phoenix

This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.

Tk81,449 crore budget proposed for education sector

Allocation increased by Tk9,495 crore. 

Budget deficit 245,064C

The deficit will be financed using both local and external funds, says the finance minister.

Proposal to legalize laundered money

No questions regarding the money can be raised once tax has been paid, according to the proposal.

Finance minister unveils Tk678,000 crore budget

The size of the proposed budget is about 15% of the country's gross domestic product (GDP). 

Cabinet approves national budget for FY23

The finance minister is set to unveil the proposed national budget for the 2022-23 fiscal this afternoon.

Finance Minister Kamal at parliament with budget documents

Finance Minister AHM Mustafa Kamal has reached parliament with the Tk6,78,000 crore budget documents.