The parliament passed the Tk 7,61,785 crore national budget for FY 2023-24 -- with the goal of achieving 7.5 percent GDP growth rate and keeping annual inflation at around 6 percent. Finance Minister AHM Mustafa Kamal moved the Appropriations Bill 2023, seeking a budgetary allocation of Tk 11,10,840 crore which was passed by voice votes. READ: Budget will help to build Smart Bangladesh: Speakers Earlier today, the parliament passed the Finance Bill 2023 with some changes. Following the proposal mooted in the House by the Finance Ministry for the parliamentary approval of the appropriation of funds for meeting necessary development and non-development expenditures of the government, the ministers concerned placed justifications for the expenditure by their respective ministries through 59 demands for grants. READ: Proposed budget for FY 2023-24 fails to address macroeconomic challenges, says CPD Earlier, the parliament rejected, by voice votes, a total of only 503 cut-motions that stood in the name of opposition members on 59 demands for grants for different ministries. A total of 10 MPs, including from Jatiya Party and Gono Forum, submitted their cut-motions on the budget. They are: Kazi Firoze Rashid, Rustam Ali Farazi, Mujibul Huq, Fakhrul Imam, Pir Fazlur Rahman, Shamim Haider Patwari, Begum Rawshan Ara Mannan, Hafiz Uddin Ahmed, Mokabbir Khan, and Rezaul Karim Bablu. READ: It’s anti-people designed to plunder national wealth: BNP on National Budget for FY24 They were, however, allowed to participate in the discussion on Commerce Ministry and Health Services Division. Later, Speaker Dr Shirin Sharmin Chaudhury quickened the process of passing the demands for grants for different ministries without giving a lunch break. Opposition and independent MPs were present in the House when the Appropriation Bill was passed, and they did not raise objection to passing the bill. READ: Supplementary budget for outgoing fiscal passed in JS Finance Minister AHM Mustafa Kamal on June 1 placed a Tk 7,61,785 crore budget for Bangladesh for FY 2023–24, which is 15.2 percent of the GDP, with a philosophy of ensuring a hunger- and poverty-free, knowledge-based, and 'Smart Bangladesh' by 2041. 7.5% GDP growth rate with an expectation of keeping annual inflation at around 6% The allocation for operating and other sectors is Tk 4,36,247 crore, while Tk 2,63,000 crore will go to the Annual Development Programme.  The total revenue is estimated at Tk 5 lakh crore. Out of this, Tk 4,30,000 crore will be collected by the National Board of Revenue and Tk 70,000 crore from other sources. Read more: Unrealistic budget won’t help overcome economic crisis: Fakhrul The overall deficit in the proposed budget for FY 2023-24 will stand at Tk 2,61,785 crore, which is 5.2 percent of GDP. Out of the total deficit, Tk 1,55,395 crore will be financed from domestic sources and Tk 1,02,490 crore from external sources.

Finance Bill 2023 was passed on Sunday (June 25, 2023), dropping the much-debated proposed provision for Tk 2,000 for every TIN holder during submission of their income tax return. Finance Minister AHM Mustafa Kamal moved the bill and it was passed by voice vote. The finance minister accepted some other minor proposals on the finance bill in section 2 and 2-Ka. The other amendment proposals were rejected by a voice vote. Read more: Several reform initiatives on the cards as govt moves to shore up economy The finance minister accepted an amendment scrapping specific duty on import of fuel oil by reinstating the previous tax on value as concerns grow over a significant hike in prices of petroleum products under the new tax measures. The specific duty on oil imports came into effect on June 1, 2023, under the ‘Provisional Collection of Taxes Act 1931 (Act No. XVI of 1931) in the Finance Bill placed before parliament on that day. Customs Duty, VAT and Advance Tax on the import of fuels have been reinstated in the Finance Act 2023, as those were scrapped in the bill. The proposed value-added tax (VAT) on the manufacturing of ballpoint pens has been cut to 5 percent from 15 percent. Read more: e-TIN: Online registration process in Bangladesh In the Finance Bill on June 1, the finance minister proposed Tk 2,000 as minimum tax on those who have no taxable income but need to submit tax returns for availing government services.