• Thursday, Nov 21, 2019
  • Last Update : 06:48 am

Minute by minute: National budget FY2019-20

  • Published at 02:59 pm June 13th, 2019

Finance Minister AHM Mustafa Kamal proposed a Tk523,190 crore budget for the fiscal year 2019-20. Kamal, a businessman-turned politician, unveiled his first national budget at parliament on Thursday

4:46pm- Budget presentation concludes.

4:43pm- Finance Bill 2019 placed in the parliament.

4:42pm- Government considers set of proposals to widen the remit of social safety net programs for 2019-20 fiscal year.

A total of Tk74,367 crore is proposed in order to do so, which is 14.21% of total proposed budget and 2.58% of gross domestic product (GDP) for FY2019-20.

4:40pm- Government decides to build separate lanes, directional signals, pool of skilled drivers and create mass awareness programs to enhance road safety.

4:38pm- Budget proposes a provision that will allow investors to whiten black money through investment in economic zones (EZs) and high-tech parks, with no question on the sources of the funds considering the investors pay a 10% tax on the invested amount

4:38pm- The agriculture sector gets smaller size of the budget. 

4:35pm- The government forecasts 5.5% inflation during the 2019-20 fiscal year.

4:30pm- Tk80,200 crore proposed for children, which is 15.33% of the national budget.

4:20pm- More schools to be added to MPO list. MPO listed teachers and employees to receive 20% of basic salary as Pohela Boishakh bonus.

4:15pm- The government has proposed to keep the income tax rate for company taxpayers unchanged for the 2019-20 fiscal year.

4:11pm- The government proposes to allocate Tk28,051 crore for the power and energy sector, which is 12.57% (Tk3,131 crore) higher than the sum proposed in the outgoing fiscal.

4:07pm- Prime Minister Sheikh Hasina takes over budget presentation in place of the finance minister, due to his ill health.

4:05pm- Parliament resumes.

4:00pm- Parliament goes on a break.

3:55pm-Tax-free income limit for individual taxpayers remain unchanged at Tk2.50lakh. 

The tax free exemption limit is also set to Tk2.5lakh for individual taxpayers.

3:55pm-The budget aims to achieve a growth rate of 8.2%, banking heavily on the expected growth of the outgoing fiscal year (FY2018-19).

3:48pm-No price spiral for essential commodities.

3:47pm- Government targets 10 million taxpayers to boost revenue collection.

3:46pm- NBR receives gigantic target of Tk325,660 crore.

3:44pm-The government proposes to set the total revenue target for the upcoming fiscal year 2019-20 at 377,810 crore. This figure includes both tax and non-tax revenue.

3:25pm- The finance minister seeks permission from the speaker to present the proposed budget.

3:10pm- Documentary on the history of Bangladesh being played.           

3:05pm- Finance Minister AHM Mustafa Kamal starts addressing the parliament.

3:00pm- Speaker Shirin Sharmin addressing the parliament.                      

2:50pm- The Cabinet approves the proposed national budget for FY2019-20.

Read the full budget speech for FY20 here.