Highlights of budget for FY23

The highlights of the proposed budget for fiscal
year 2022-23 are following--

Total proposed budget-- Taka 6,78,064 crore

GDP growth target 7.5 percent, GDP size-- Taka 44.50 lakh crore

Revenue target-- Taka 4.33 lakh crore

Budget deficit-- Taka 2.42 lakh crore (5.4pc of the GDP)

The average inflation is 5.6pc in FY2022-23

Government proposes to withdraw advance tax on gold imports

Cigarettes to get costlier

Low-income families to get food assistance at increased Taka 15 per kilogram

Government proposes doubling source tax on exports

Taka 36,863 crore allocation proposed for health sector

Ten percent tax increase on shaving, beautification, toiletries, disinfectant
and depilatory items

Tax-free income limit to remain unchanged

Textile sector to enjoy reduced tax of 15pc till 2025

Ultra-rich to pay more excise duty on bank accounts

Tax rebate for employers of physically challenged or third gender people to
amend 5pc tax for restaurant sector

Import-dependent, less important govt expenditures to be stopped or reduced

Government decreases allocation for Covid-19 response

Source tax on bank deposit interests of companies doubles

Government imposes five percent VAT on locally-made mobile phones, fridges
Tax-free forex earning for flag vessels

Government reduces corporate tax to 12pc for non-RMG sectors

Government slashes source tax on raw material to four percent

Taka 82,745 crore subsidized for fuel, electricity, gas and fertilizer.