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Finance Minister presents largest ever national budget amid woes
Finance Minister presents largest ever national budget amid woes
Dhaka, June 06 - Amid financial crisis, the size of the national budget for FY2024-25 has been proposed at Tk7.97 lakh crore, the highest ever in Bangladesh.
The budget for the outgoing fiscal year was over Tk7.61 lakh crore. It means that the budget for FY 24-25 has seen an increase of 4.6 percent.
Finance Minister Abul Hassan Mahmood Ali, as the 18th finance minister of the country, unveiled the budget, the first since the current government took over office early this year after winning the January 7 elections. It is also Ali’s first budget presentation as the finance minister.
Ali has kept the tax-free income limit at Tk 3 lakh, while tax is to be imposed by 30 percent if the individual annual income reaches Tk 38 lakh. The owner of more than one car has to pay an additional 10 percent tax as a surcharge.
In Bangladesh, the fiscal year starts on July 1. The proposed budget is the 53rd budget in the nation's history and the 25th of the Awami League government in six terms.-UNB