Business

Economic Association proposes a Tk 20,50,036cr budget for FY23


Published : 22 May 2022 08:30 PM

The Bangladesh Economic Association (BEA) on Sunday placed a Taka 20,50,036-crore budget proposal for the next fiscal year (FY23).

BEA President Dr Abul Barkat placed the proposals at a press conference held at its office in the capital.

Dr Barkat said that they have placed such a huge budget proposal considering the global economic situation, COVID-19 pandemic, and the impact of the ongoing Russia-Ukraine war.

The proposed budget of the BEA is around 3.40 times higher than the original national budget size of the current fiscal year which is Taka 6,03,681 crore or 17.5 percent of GDP.

The proposed budget of BEA is pro-people and pro-democracy, Dr Barkat said, adding that the main aim of their budget is to include the 70 to 80 percent of country's people into sustainable middle class over the next 10 years.

Besides, it also aims to address inequality and lowering down the poverty rate at the lowest level which would ensure establishing a civilized social system in light of the spirit of the War of Liberation.

The alternate budget proposal of BEA consists of some 38 recommendations where Taka 18,70,036 crore (91.2%) will come from the government revenue while the rest Taka 1,80,000 crore (8.7%) will remain as budget deficit.

BEA also proposed widening and adding taxes in several local sources to finance the deficit. It suggested wealth tax, tax on excess profits, tax on luxury goods, cancelling car tax exemption on MPs and others, tax on foreign nationals, tax on services, air transport and travel tax, income from royalty and assets, sale of government assets, receipts for irrigation, wire and telephone boards, telecom, regulatory Commission, energy regulatory commission, insurance Regulatory Commission, securities and exchange commission, municipal holding tax, DG health, private hospital permission and renewal fees, pharmaceutical license and renewal Fees, beauty parlour services tax, hotel capacity tax, foreign consultation Fees among others.

In the press conference, BEA members and people from different class remained connected through video conferencing.