The upcoming fiscal year 2024-25 budget presents a notable surge in size, reflecting the government's efforts amidst ongoing challenges. With revenue targets set ambitiously high and a focus on fiscal contraction, the proposed budget aims to navigate through economic complexities. The Finance Minister's statements instill hope for economic empowerment, signaling a strategic direction to address inflation and promote financial stability.
 
June 5, (V7N Budget)- The budget's size is visibly increasing every year. It is undergoing a significant upheaval from the ineffective government policies of the present syndicate and primarily due to the impact of the coronavirus pandemic. 
 
Tomorrow, on Thursday (June 6th), the proposed budget for the fiscal year 2024-25 of Tk 7 trillion 96 billion 900 million will be presented in the National Parliament. The size of the budget has increased by 4.6 percent compared to the previous fiscal year 2023-24, with a revenue target of Tk5 trillion 41 billion. 
 
The budget deficit is Tk 2 trillion 56 billion, for which no alternative of domestic or foreign loans has been provided. Additionally, there will be no consideration of increasing the budget size; instead, more attention will be given to realistic implementation. 
 
According to recent statements by the Finance Minister Abul Hassan Mahmud Ali and former resigning officials, responsibility for adding more than 60 percent funds in the budget for the fiscal year 2024-25 will be undertaken. 
 
Furthermore, the revenue target of the National Board of Revenue (NBR) is Tk 4 trillion 80 billion, foreign loans target is Tk 1 trillion 27 billion 200 million, bank loans target is Tk 1 trillion 37 billion 500 million, interest payments expenditure is Tk 1 trillion 13 billion 500 million, and additionally, the target for selling savings certificates is Tk 154 billion.
 
Although the policy of fiscal contraction has been mentioned, the current budget faces the challenge of increased revenue collection. It is reported that there will be no increase in the limit of tax-free income. Supplementary duty on mobile phones has increased by 5 percent, which will lead to an increase in the price of cigarettes. Ticket prices for entry into various entertainment parks have risen from 7 percent to 15 percent according to observations.
 
Currently, duty-free imports include rice, wheat, pulses, mustard seeds, refined soybean oil, vitamins, insulin, diabetes, and various essential medicines and their raw materials. One percent duty is applied to these items. Additionally, the duty on production of refrigerators and refrigerators has increased from 5 percent to 10 percent. Categorizing juice types, the duty on their production has increased from 5 to 15 percent.
 
Furthermore, there is a proposal in the budget to levy tax on the income of directors of companies listed in the stock market. They will have to pay a tax amount of 10 percent from the share sale income. In the budget for the fiscal year 2024-25, there are proposals where the income tax exemption limit for general investors is increased to Tk 5 million. That is, investing up to Tk 5 million will remain tax-free.
 
During July 2020 to June 2021, 11,859 individuals paid Tk 619 billion in taxes by declaring black money, cash, or exchanging land-flats in the stock market. Among them, only in the month of June, 455 individuals declared black money worth Tk 619 billion. Of the black money investors, 7,555 individuals have legalized black money by paying a 10 percent tax on bank deposits, FDR, savings certificates, or cash. They have legalized a maximum of Tk 168 billion.
 
Officials say the main goal of the upcoming budget is to reduce inflation. The budget will be formulated based on five pillars to achieve this goal. These include increasing the bank loan interest rate control, discouraging unnecessary imports, reducing or eliminating unaccounted expenditures, reducing the supply of money in some accounts, and reducing the amount of subsidy in some accounts.
 
The statements of our esteemed Finance Minister regarding the budget create a new hope in people's lives. It can create an easily accessible situation for our citizens where everyone can be financially empowered.
 
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