Revenue target set to Tk 389,000cr

The government on Thursday announced that it has fixed Tk3,89,000 crore as the revenue target for the upcoming 2021-22 fiscal. Finance Minister AHM Mustafa Kamal said during his speech for the national budget. The revenue target is said to be 11.3pc of the country’s GDP.

Out of this, Tk 3,30,000 crore will be collected through the National Board of Revenue (NBR) sources.

Tax revenue from non-NBR sources has been estimated at Tk 16,000 crore, while non-tax revenue is projected to be the remaining Tk 43,000 crore.

While presenting the budget, Kamal also stated a number of reform initiatives taken in tax revenue management.

“We have started implementing those reforms this year. However, we could not successfully complete them due to the continuation of the Covid-19 pandemic throughout the fiscal year.

The size of the total expenditure has been estimated at Tk 6,03,681 crore, which is 17.5% of the GDP.

Total allocation for operating and other expenditures has been set at Tk 3.78,357 crore, while the allocation for the annual development program (ADP) is Tk2,25,324 crore.

Besides, Tk 3,490 crore will come from foreign aid, grants and loans. The overall budget deficit for FY2021-22 will be Tk2,14,681 crore, which is 6.2pc of the GDP.