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Bangladesh - 3 weeks ago

Revenue collection up 14pc in first 6 months of FY 2024

Staff Correspondent: Finance Minister Abul Hasan Mahmud Ali said that in the first six months of the current fiscal year 2023-24 (July to December 2023), the total revenue collection has increased by about 14 percent compared to the same period of the previous fiscal year 2022-23. He said that the total revenue collection target for the current fiscal year is Tk 499,995 crore.
This information was highlighted in the budget implementation progress report for the second quarter of the fiscal year 2023-24 in the National Parliament session on Sunday.
In the report, the finance minister said that in the first six months of the current financial year 2023-24, a total of Tk 1 lakh 86 thousand 457 crores of revenue has been collected. This is 37.3 percent of the annual target, which is 13.9 percent higher than the same period last fiscal.

Minister Mahmud Ali said that in the first six months of the current fiscal year, the growth of tax revenue (NBR and non-NBR) was 11.3 percent and the growth of non-tax revenue (NTR) was 34.6 percent compared to the same period of the previous fiscal year. During this period, the amount of non-tax revenue (NTR) collection is Tk 24,293 crores, which is about 48.6 percent of the annual target of the current financial year. According to the calculations of the National Board of Revenue, NBR’s revenue in the second quarter was Tk 165,630 crore, which is 13.9 percent more than the same period last fiscal year and about 38.5 percent of the annual target for the current fiscal year.
The minister said that in the budget of the current fiscal year 2023-24, the total expenditure target has been set at Tk 761,785 crores (15.12 percent of GDP). Out of this, other expenses including management are Tk 4 lakh 98 thousand 785 crore (9.90 percent of GDP) and annual development program expenditure is Tk 2 lakh 63 thousand crore (5.22 percent of GDP).
Highlighting the government expenditure situation of the first six months of the fiscal year, Abul Hasan Mahmud Ali said that at the end of the six months of the fiscal year, the total expenditure was Tk one lakh 94 thousand 898 crores (25.58 percent of the budget allocation). Out of this, other expenses including management are Tk 1 lakh 53 thousand 57 crores (30.69 percent of the budget allocation). Overall, total expenditure increased by 5.62 percent in the first six months of the current financial year compared to the first six months of the previous fiscal year. Apart from this, other expenditure including management increased by 1.09 percent and annual development program expenditure increased by 26.36 percent.
Regarding the budget deficit, the minister said that in the current fiscal year 2023-24, a budget deficit of Tk 261,790 crore has been estimated, which is 5.23 percent of the estimated GDP. Deficit financing is planned to be 2.05 percent of GDP from foreign sources and 3.10 percent of GDP from domestic sources. During July-December of the current financial year, the budget deficit (excluding grants) stood at Tk 8,338 crores, which was a budget deficit of Tk 20,777 crores in the same period of the last financial year.
The minister also said that during the July-December period of the current financial year, the amount of debt repayment has increased by Tk 3,287 crore more than borrowing from domestic sources and a net deficit of Tk 10,347 crore has been financed from foreign sources (including grants).

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