Finance Minister AMA Muhith said the upcoming national budget would not include any allocation for construction of new roads and highways in the country.
“Both in terms of demography and distance, we’ve the highest road availability. So, no new road will be constructed. Only the old ones will be repaired,” he said at a pre-budget views exchange meeting with the members of Economic Reporters Forum (ERF) at his secretariat office yesterday.
Besides, Muhith said the budget for next two years will be prepared on the basis of the economists’ forecast that the global economy will come out of recession during the time.
“The global economy has been in recession for last couple of years, but the economists say that the economy will improve in next two years. Finance division will prepare the budget on the basis of the forecast.”
Muhith said they had laid emphasis on the country’s infrastructure and transportation sector in last six years and would continue to focus on human development, health and sanitation in the next budget.
He said the government gave facilities regarding corporate tax in the current fiscal year, which is, however, not rational.
Muhith said it is also not good for companies who are going to be listed with the country’s capital markets. “We will review the corporate tax position of them.”
Besides, the surcharge will also be reviewed before announcement of next fiscal year’s budget.
“Wealth tax is yet to be implemented. It will be introduced as property tax from next fiscal year,” Muhith said.
The meeting also discussed political situation, lack of infrastructure, increased foreign investment, lack of land, investment in the project of Public-Private Partnership initiatives, banking sector’s reform, simplifying the process of tax return submission and clarifying the government’s position on whitening of black money.
Finance minister said they had decided to put emphasis on collection of local resources in the next fiscal year’s budget.
During last 26 years, the country’s local resources have increased by 3% of GDP, he said.
Bank Division secretary M Aslam Alam, Finance Division’s senior secretary Mahbub Ahmed, National Board of Revenue chairman Najibur Rahman, ERF president Sultan Mahmud and secretary Sajjadur Rahman, among others, were present.