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Bangladesh's 2017-18 budget to be revised soon
18
Jul '17
Owing to the decision to defer implementation of the uniform value added tax (VAT), Bangladesh finance minister AMA Muhith plans to revise the 2017-18 budget ‘much earlier’ than scheduled. The parliament has already passed the Tk 4.26 trillion budget for this fiscal that began on July 1. But, the government will face a revenue shortfall of Tk 200 billion.

“The revised budget will come much earlier this time. I'll have to do this. We'll have to change many figures in the budget as the implementation of the new VAT law has been deferred by two years,” Muhith said while speaking to a group of mediapersons.

Of the total revenue target of Tk 2.88 trillion mentioned in the budget, the government initially aimed to earn more than Tk 910 billion, a fourth of the total target, from VAT. But, due to the decision to postpone the implementation of VAT law, the government will face a shortfall of Tk 200 billion.

As per normal procedure, the revised budget for an outgoing financial year is presented along with a new one for the upcoming year in the first week of June. (RKS)

Fibre2Fashion News Desk – India


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