For the first time the revenue collection target has not been reduced in the supplementary budget, Finance Minister AHM Mustafa Kamal said.
"The growth of the revenue collection till March 2022 of the current fiscal year is 19.43%. Considering this satisfactory growth of revenue collection, it has been proposed to keep the target of revenue collection in the supplementary budget of FY2021-2022 equal to the original budget - Tk3,89,000 crore. It is to be noted that this is for the first time that the revenue collection target has not been reduced in the supplementary budget," the finance minister said during the budget speech.
To meet the demand for this huge budget size, the government has set an overall revenue collection target of Tk4,33,000 crore which would be 9.8% of GDP. The overall revenue collection target in the outgoing fiscal year (FY22) was earlier set at Tk3,89,000 crore which was 11.3% of GDP.
The total revenue earnings for the fiscal year 2022-2023 have been estimated at Tk4,33,000 crore. Of this, NBR will collect Tk3,70,000 crore and another Tk63,000 crore will be collected from other sources.
For the next FY2022-2023, the total size of the expenditure budget has been estimated at Tk6,78,064 crore, which is 15.2% of GDP. For the operating and other expenditures an allocation of Tk4,31,998 crore, while for annual development programme an allocation of Tk2,46,066 crore has been proposed.
The next budget also sets a target of attaining non-NBR revenue of Tk18,000 crore and non-tax revenue of Tk45,000 crore which was Tk16,000 crore and Tk43,000 crore respectively in the outgoing fiscal year.
Besides, the government is expecting to get Tk3,271 crore as foreign grant.
In the budget of the current fiscal year, the total government expenditure was estimated at Tk6,03,681 crore. But considering the overall progress of the expenditure till April, it is proposed to reduce the government expenditure by Tk 10,181 crore and set it at Tk5,93,500 crore in the revised budget.
The original revenue collection target by the revenue board in the outgoing fiscal year was Tk3,30,000 crore which was 9.5% of GDP. The revenue collection target by NBR this time will be Tk40,000 crore or 12%higher.
The budget deficit for the current fiscal year was estimated at Tk2,14,682 crore. The deficit in the revised budget is proposed at Tk2,04,500 crore, which is 5.1% of GDP. Deficit in the original budget was 6.2% of GDP. This deficit will be financed from both domestic and foreign sources.