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Boycotting opposition lawmakers demonstrate outside against arrest of MP Annee

Parliament passes budget for FY 2010-11

National Desk |
Update: 2010-06-29 19:30:40
Parliament passes budget for FY 2010-11

DHAKA: Parliament Wednesday passed a Tk 132,170 crore national budget for the 2010-11 financial year, without the main opposition in the House as they remained on a prolonged boycott.

The budget, a second crafted by the present government of Prime Minister Sheikh Hasina, targets higher growth by encouraging investment and mobilizing more domestic resources.

The House earlier passed the Finance Bill-2010 with some amendments to the tax proposals, which were brought to protect public interests.

Withdrawal of tax on pensioner saving certificates, reduction in the tax at source on export earnings and commission of stockbrokers are among the last-minute changes.

The amendments include withdrawal of tax on pensioner saving certificates, reduction in the tax at source on export earnings and commission of stockbrokers.

The proposal for duty cutbacks on vehicle (1501-1650cc) imports was revised in the finance bill, which also withheld the proposal for increasing tariffs on sugar import until the end of Ramadan and retained the current duty structure on the import of milk powder.

Finance Minister Abul Maal Abdul Muhith placed the budget on June 10 that did not see any major changes in the end when it was sealed with the all-important finance bill, voting on which even can be fatal for government’s fate.

The budget has set the growth target for FY11 at 6.7 per cent. Orthodox economists and expert groups, however, termed it ambitious but attainable through effective measures in implementing the Annual Development Programme.

Substantial allocation for power and infrastructure development and institutional capacity building has been made in the budget that also targets accelerating private investment with more emphasis on projects under the much-touted public-private partnership (PPP).

As the budget got through, the boycotting opposition Bangladesh Nationalist Party (BNP) lawmakers staged a human-chain demo in front of the National Parliament House in protest against the arrest of Shahid Uddin Chowdhury Annee MP during last Sunday’s hartal.

BDST 1446 HRS June 30, 2010.

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