Bangladesh government has declared its yearly budget of 2015-16 of Tk. around 2, 95,100 in the parliament. The budget was presented by the Finance Minister Abul Mal Abdul Muhit.
Bangladesh Financial Fiscal Budget In Brief 2015 2016
Taxation Rules in Budget 2015-16
The following income groups have been exempted from tax. The people earning above the following income range will be subject to tax payment.
General People : 2, 50,000
Women and Peopled Aged Over 65+ : 3, 00,000
Autistic People : 3, 75,000
Gazette Freedom Fighters : 4, 00,000- 4, 25,000
Sector wise Allocation of Government Expenditure:
The government has allocated to 2.95 crore budget in various sectors. They include- Tk. 56,696 in Public sector, 20,996 in local government and rural development sector, 18,383 in defense services, 13,630 in public order and safety area, 34,370 in education and technology sector, 12,695 in the area of health, 16,725 in social security and welfare sector, and 2,918 in the area of housing. In this budget, the public services sector has been given the maximum priority in the allocation of Tk. The housing sector is in the second position regarding allocating resources. The lowest amount of money has been allocated for public order and safety.
Sources of Fund for Expenditure
The government assumes that about 85 percent of income will come from National Board of Revenue (NBR). As a maximum portion of the expenses will have to meet by revenue generated by NBR, the government has to strengthen the NBR in increase its capacity. The government is very much optimistic about the role of NBR in collecting Vat and Income taxes from people.
Targeted GDP Growth
The government has targeted GDP growth of 7.00 in the budget of 2015-16 as it has the aim to become one of the middle-income countries within 2020 called the vision twenty. To achieve the desired GDP growth, the government will have to increase the amount of domestic and foreign investment and improve the standard of living of the population.
As there will certainly be a deficit in the budget, the deficit amount will be covered by various assistances as the foreign Grants, and Loans. The government aims to get food aid of 200 crores, and project aid 5,600 crores. It also seeks to get loans of about 30 crores from international trade bodies such as WTO, and IMF.
A portion of the deficit budget will be covered by loans for banking and nonbanking sectors. For banking industry long term debt will be of 36, 321 crore and short-term debt will be around 1, 02,258 crores. From non-banking sector government aims to collect 36,500 crores through national savings schemes.
This is the biggest budget in the history of Bangladesh. The proper implementation of the budget will certainly Bangladesh to prosperity and improve the standard of living of the population. The renowned economists and financial analysts suggest good governance as the key factor in the proper implementation of the budget.