• Thursday, Jul 18, 2019
  • Last Update : 11:20 pm

No price spiral for essential commodities

  • Published at 03:35 pm June 13th, 2019
Essential commodities
File photo: Essential commodities,ranging from spices to lentils, at a kitchen market in Dhaka Syed Zakir Hossain/Dhaka Tribune

Minister AHM Mustafa Kamal added that tax revenue collection is boosting revenue mobilization

The budget for the 2019-20 fiscal year has been set in such a way that it will not cause a price spiral for essential commodities, Finance Minister AHM Mustafa Kamal has said.

In his budget speech at the parliament, the minister said the basic principle of tax revenue collection—by the present government—is boosting revenue mobilization; this is not only by increasing the tax rate but also by widening the tax net and coverage. 

The minister told the house that it has not “included any component in the budget of FY2019-20 that may cause a price spiral for essential commodities.”

Rather, the focus will be on establishing revenue offices in every upazila and growth centers across the country that will have necessary manpower and other logistics to facilitate revenue collection.

Kamal, a businessman-turned politician, unveiled his first national budget of Tk523,190 crore at the parliament on Thursday.