Achieving revenue target, GDP growth to be challenging: ICAB

The Institute of Chartered Accountants of Bangladesh (ICAB) has said that the target set in the proposed budget of collecting Tk 3,89,000 crore revenue will be difficult to achieve due to the impact of the coronavirus pandemic.

At the same time, achieving 7.2 percent GDP growth will be challenging, said the national professional accountancy body in its instant reaction.

Finance Minister AHM Mustafa Kamal unveiled the proposed national budget worth Tk 6,03,681 crore at Jatiya Sangsad at 3:00pm.

The total size of budget amounts to Tk 6,03,681 crore which is equivalent to 17.5 percent of the GDP.

ICAB President Mahmudul Hasan Khusru in his reaction, however, appreciated the proposed budget as it has focused on employment generation through skill development, exemption in light engineering, exemption of agro-based industry and brining new concept like ‘Made in Bangladesh.’

More budgetary allocation is expected in education, research and development and automation sectors, he said.

The allocation in social safety net seems to be inadequate considering the substantial number of people falling below the poverty level due to the adverse impact of the Covid-19 pandemic, he added.

He suggested reduction of individual taxpayers’ burden considering the pandemic situation.