Bangladesh Economic Association (BEA) has proposed Tk 8 lakh 8 thousand 142 crore budget for fiscal year 2016-17 (FY17) which is more than two times from the coming probable budget and 3.87 times more than the national budget of 2015-16.
Unveiling the proposed budget at a press conference at BEA auditorium in the city, former BEA President Abul Barkat said "We have proposed the alternative budget to build the country according to the spirit of the Liberation War."
He said the revenue receipts for FY17 has been estimated at Tk 6 lakh 38 thousand 142 crore, of which Tk 4 lakh 78 thousand 100 crore will come from National Board of Revenue (NBR) while Tk 1 lakh 90 thousand from tax on income and profit and TK 1 lakh 80 thousand from Value Added Tax (VAT).
Taka 5 thousand crore will be collected from foreign citizens, TK 30 thousand crore from wealth tax, 5 thousand crore from service tax and Tk 5 thousand from aviation and travelling tax, he added.
He said BEA has proposed Tk.37 thousand crore non-NBR tax for the fiscal which is 2.71 times more than 2015-16 of the national budget.
The association has also proposed Tk. 7 thousand crore tax on narcotics , vehicles tax Tk 15 thousand crore, land revenue 5 thousand crore and travelling charge 3 thousand 500 crore, he added.
The other sectors of revenue collection are Tk.35 thousand crore from profit, 5 thousand crore from interest, 17 thousand crore from other revenue without tax, 5 thousand crore from railway, 2 thousand 500 crore from municipality holding tax, 1 thousand crore from private hospital registration and license renewal fee, 2 thousand crore from pharmaceutical industries license and renewal fee, 2 thousand crore from beauty parlor tax, 2 thousand crore from residential hotel and guest house capacity tax and 2 thousand crore foreign consultancy fee.
He said the overall budget deficit has been estimated at Tk 1 lakh 70 thousand crore, which is 20 per cent of the total proposed budget.
Of the amount, Tk 55 thousand crore will come from the Public Private Partnership, Tk 45 thousand from bond to Non-Resident Bangladeshis (NRBs) and Tk 30 thousand from loan of local banks, Abul Barkat added.
He said the allocation for Annual Development Plan (ADP) will be Tk 5 lakh 85 thousand 471 crore. Expenditures for Annual non-development will be Tk 2 lakh 22 thousand 671 crore.
About the proposal to achieve the target, the economist said "Political wisdom, leadership on the spirit of Liberation War and spontaneously participation of people of all sectors are needed to achieve the country's potentiality,"
BEA President Ashraf Uddin Chowdhury presided over the press conference while General Secretary Jamal Uddin Ahmed also spoke.