The government is likely to set a target to collect Tk 5,00,000 crore as revenue in the upcoming budget 2023-24 fiscal year, the sources said.
Of the revenue collection target, the National Board of Revenue (NBR) will collect Tk 4,33,000 crore, up 16.20 percent or about Tk 63,000 crore over the previous fiscal amounting to Tk 3,70,000 crore and another Tk 67,000 crore will be collected from other sources, they mentioned.
An official of the Ministry of Finance said that a meeting was held under the chairmanship of Finance Minister AHM Mustafa Kamal on Thursday.
“There was a detailed discussion about the size of the budget and revenue. But the final decision has not come yet,” he mentioned.
He said that revenue collection and financing of the deficit budget will be the big challenges of the next budget especially for the huge NBR revenue’s target.
“However in the current fiscal year, at the end of eight months, NBR was behind by Tk 23,000 crore. It is a matter of seeing how the organization will face the challenges of the future,” he mentioned.
On the other hand, the size of the proposed budget for the upcoming fiscal year 2023-2024 is likely going to be about 7,60,000 crore, which is about 15.20 percent of the total GDP and about Tk 82,000 crore more than the budget of the current fiscal year 2022-2023.
In the current fiscal year 2022-2023, the size of the budget was Tk 6,78,064 crore which was about 15.38 percent of the total GDP and around Tk 74,383 crore more than the budget of 2021-2022 fiscal.
Earlier, Finance Minister AHM Mustafa Kamal presented the Tk 678,064 crore national budget for the fiscal year 2022-23, with the theme "Return to the Path of Development Leaving the Covid-19 Behind" to overcome the impact of coronavirus pandemic and Russia-Ukraine war on the economy.
The revenue target was set at Tk4.33 lakh crore, while the budget deficit was Tk2.42 lakh crore or 5.4 percent of GDP.