Finance Minister AMA Muhith on Thursday placed a Tk 2,22,491 crore proposed national budget for the next fiscal year (2013-14) in parliament eying a 7.2 percent GDP growth rate.
The last budget of the AL-led grand-alliance government also looks to contain the average inflation rate at 7 percent. The proposed budget is also 18.7 percent of GDP.
The proposed budget for the FY 14 also increased the individual income tax ceiling to Tk 2,20,000 from the existing Tk 2,00,000.
The budget also set a revenue income target of Tk 1,67,459 crore which is 14.1 percent of GDP, of which NBR tax revenue is Tk 1,36,090 crore (11.4 percent of GDP).
The revenue from Non-NBR sources has been estimated at Tk. 5,129 crore (0.4 percent of GDP). Besides, Tk 26,240 crore (2.2 percent of GDP) will be collected as Non Tax Revenue (NTR).
The allocation for non-development and other expenditure has been estimated at Tk 1,56,621 crore (13.2 percent of GDP). The expenditure for ADP has been estimated at Tk 65,870 crore (5.5 percent of GDP).
The overall budget deficit will be Tk. 55,032 crore which is 4.6 percent of GDP. Of this amount, Tk. 21,068 crore (1.8 percent of GDP) will be financed from external sources and Tk. 33,964 crore (2.9 percent of GDP) from domestic sources.
Of the domestic financing, Tk. 25,993 crore (2.2 percent of GDP) will come from the banking system and Tk. 7,971 crore (0.7 percent of GDP) from savings certificates and other non-banking sources.
Source: UNB Connect