Business-friendly budget to boost production, employment

• Kamal defends FY22 budget in post-budget media briefing
• Hopeful about implementing measures

Staff Correspondent: Finance Minister AHM Mustafa Kamal yesterday said that his government would be able to implement the budget for the upcoming fiscal year like it did in the past.
He made the comments at the post-budget media briefing held virtually.
He also defended the corporate tax cuts unveiled in the budget on Thursday and other tax and value-added tax measures to support the domestic businesses and industries.
“This will boost collection. We will be winner. This is a win-win situation.”
Kamal said the private sector had to be facilitated to put them in the driving seat in creation of jobs and taking the country forward. Thanks to the tax measures, businesses will produce more and create more jobs.”
At the briefing, Abdur Rouf Talukder, senior secretary of the finance division, said the government has set aside Tk 14,200 crore to buy coronavirus vaccines for the next one year.
Finance Minister said the proposed budget is business-friendly as it aims to increase production and create employment opportunities.
“This year’s budget is a business-friendly budget. Businesses will get various opportunities from this budget, and they will increase the production. If production is increased then it will also increase employment, as production is impossible without manpower.”
The size of the budget has been proposed at Tk 603,681 crore. The 50th budget is set to be the biggest deficit budget in the history of the country.
The deficit in the budget stands at 211,191 crore, including grants, which is 6.1% of the GDP. Excluding grants, the deficit stands at Tk 214,681 crore.
Regarding filling the deficit, the finance minister said Tk 113,453 crore in loans would be taken from the domestic sector and Tk 98,738 crore would be taken from the foreign sector.
Among domestic sectors, the target for loans from the banking sector is Tk 76,452 crore, Tk 32,000 crore from savings certificates, and Tk 5,001 crore from other sectors.