Pharmaceutical shipments from Bangladesh are slowly making a turnaround with a gradual improvement in the global US dollar crisis, according to drug exporters.

The first seven months of the current fiscal year of 2022-23 saw the lowest implementation rate of the annual development programme (ADP) in the last three years, with only 28.16 per cent of the total outlay being spent till January. 

Tax collection growth slowed drastically in the first half of the current fiscal year due to falling customs tariff and direct taxes amid declining imports and reduced profits of firms, limiting the government’s scope to spend on development activities.

Bangladesh’s balance of payments (BoP) deficit would widen massively in the current fiscal year than the central bank had earlier projected owing to escalated imports, lower remittances and export receipts, and higher accumulation of debts.

Export earnings grew by 15 per cent year-on-year to $3.98 billion in July, the first month of the current fiscal year.

Bangladesh received US$ 1.64 billion inward remittance till July 21, due to  Eid-ul-Azha when Bangladeshi migrants sent more money to families to celebrate one of the biggest festival of Muslims, according to data from Bangladesh Bank.

Bangladesh is targeting a lower export growth in 2022-23 despite raking in a record $52.08 billion in the last fiscal year largely because of insignificant strides in products and markets diversification and ongoing global turmoil. 

In the proposed budget for the fiscal year 2022-23, Finance Minister AHM Mustafa Kamal proposed to withdraw the 5% VAT exemption facility on the trading stage of mobile phones. Instead, VAT will be imposed at different individual stages of the mobile handset businesses—from production to retail. 

The government should raise the tax-free income limit in the upcoming fiscal year to give some relief to people as they have hit hard by rising inflationary pressures, said speakers at an event today.

Simplification of tax administration and proper infrastructure development are needed to attract more foreign direct investment (FDI) to Bangladesh, according to speakers at a roundtable on FDI prospects in view of the proposed national budget for the fiscal year of 2022-2023.

The national budget for fiscal year 2022-23 predicted a gross domestic product (GDP) growth of 7.5 per cent, which is unrealistic and not objective, AB Mirza Azizul Islam, former adviser to the caretaker government, said yesterday.

Over the last couple of months, various sections of society called upon the government to raise the tax-free income limit amid the rising cost of living.

What percentage of public demand was reflected in the budget for the fiscal year 2022-23?

Finance Minister AHM Mustafa Kamal unveiled a proposed budget of Tk 678,064 crore for 2022-23 fiscal year in the national parliament today.

The Cabinet at a special meeting today approved the proposed national budget for the fiscal year 2022-23.

Prime Minister Sheikh Hasina yesterday said the government started a process to collect an additional $1,000 million as budgetary support to tackle future emergency situations and the economic crisis stemming from the Russia-Ukraine war.

The government is preparing the budget in a cautious way, refraining from increasing expenditure by too much of an extent, keeping in mind the ongoing global economic crisis stemming from the pandemic and Russia-Ukraine war, State Minister for Planning Shamsul Alam said.

The finance minister of Bangladesh is scheduled to place the national budget for 2022-23 fiscal year at parliament on June 9.

The government is likely to keep the tax-free income limit unchanged for fiscal year 2022-23 in order to expand the tax net, said officials of the finance ministry.