• Friday, Mar 22, 2019
  • Last Update : 06:37 pm

Minute by minute: National budget FY18-19

  • Published at 12:57 pm June 7th, 2018
  • Last updated at 08:26 pm June 7th, 2018

4:01pm- Finance Minister AMA Muhith concludes budget speech.

3:54pm- 5% tax to be reduced on database productivity software import.

3:41pm- Government imposes 2% surcharge on mobile import.

3:38pm- 55% surcharge on cigarettes that cost more than Tk32 for 10 pieces. On the other hand, 65% surcharge will be added to the cigarettes that cost Tk48, Tk75 and Tk101.   

3:33pm- Minister proposes to bring virtual media under VAT by formulating new law.

3:31pm- Apparel manufacturers will have to pay higher corporate tax as the government has proposed a raise from 12% to 15%.

3:29pm- Company tax to remain same as last year.

3:28pm- Tax-free income is set at Tk250,000.

3:23pm- The number of income tax payers will be 10m in five years while the number of people filing income tax returns will reach 8,000,000.

3:15pm- Parliament resumes.

2:40pm- Parliament goes on 30minutes break.

2:10pm- Tk53,081cr proposed for communication infrastructure.

2:08pm- Tk24,921cr proposed for energy division.

2:07pm- Tk12,201cr proposed for science and technology .

1:57pm- This year’s budget deficit is Tk125,293cr.

1:55pm- Tk173,000cr is proposed for development.  

1:50pm- He starts reading the budget for FY18-19.

1:48pm- The minister starts reading supplementary budget for FY17-18.

1:46pm- Government sets growth target of 7.8% for the economy. 3.3 million people pay income tax.

1:44pm- Bangladesh’s GDP growth was 6.6% on average in the last 10 years.

AMA Muhith has become the first finance minister in the history of Bangladesh to place ten consecutive national budgets. He has placed a total of 12 national budgets, including the two he placed during the military regime of HM Ershad.

1:25pm- Bangladesh is producing 18,300MW, and by September the production will increase to 20,000MW, Muhith says. 

1:20pm- Government proposes revenue target of Tk3,39,280 crore

Economists from the Bangladesh Economic Association have suggested that the government’s budget this year could be as much as three times bigger and easily financed, if it could recover the massive amounts of money lost to tax evasion and loan defaults at public banks. 

With the nation on the verge of becoming a developing country, the association said it was imperative expenditure in health, education, and development is significantly increased.

The agenda for the 47th national budget, on the other hand, is centred around the national polls scheduled for December this year, promising to offer something for everyone.

1:12pm- Muhith says: “Foreign reserve increased from $7.5bn to $33.2bn in the last 10 years.”  

1:10pm- Muhith starts reading first part of the budget titled “Shombriddho Agamir Pothojatrai Bangladesh.”

1:00pm- He is proposing a budget of around  Tk 4,64,573 crore for fiscal year 2018-19, the last year of this government’s term.

This is about 16% larger than the outgoing budget outlay, conservative for Muhith, who laid out a budget last year that was 26% greater than the previous year’s.

12:55pm- Minister takes a seat and continues reading. 

12:53pm- Muhith starts reading out the budget speech.

12:50pm- Finance Minister AMA Muhith starts addressing the parliament.

12:49pm- Speaker Shirin Sharmin speaks.

12:45pm- Prime Minister Sheikh Hasina and Finance Minister AMA Muhith enter the parliament.