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Revised budget shows 6.2 pc rise in total expenditure

By Staff Correspondent
The revised budget for the outgoing fiscal 1994-95 indi cated an increase in total ex penditure by 6.2 per cent, as against 4.2 per cent increaK in revenue earning precipitat ing an additional deficit of Tk 773 crore.
Against the earmarked amount of Tk 21 733 crore in the original budget for ex penditure on revenue, ADP and other courts, the revised budget stood at Tk 23,079 crore Thus the government incurred an excess aggregate expenditure of 1,346 crore.
As regards revenue collection, the government earned Tk 14,210 crore against the target of Tk 13,63- crore, re suiting in an additional amount of Tk 573 crore, at the rate of 4 2 per cent in crease.
Of the excess amount Tk 485 crore came from tax sources and the rest from non tax sources.
However, the major area where tax collection target was not realised was income tax Although the govern ment expected to earn Tk 1900 crore from income tax, the amount stood at Tk 1560 crore, showing a shortfall of Tk 340 crore.
"So, in that sense the ex cess revenue generation reflected in the revised budget originated from across the board through augmented contribution from the indirect tax sources*, said Dr De bapnya Bhattacnariya of the Bangladesh Institute of Devei opment Studies (BIDS)
Referring to private and corporate tax collection, he
said, This indicates the in ability of the current tax system to induce and to cover the potential direct tax payers enjoying above the threshold level of income.* Such a situation further aggravates the fundamental distortion afflict ing the revenue structure — high dependence on indirect taxes with an external trade bias, the BIDS economist added.
The major area of shortfall in non tax sources has been in the area of receipts of divi deads from the state-owned non financial institutions. However, revenue generation from other non tax sources compensated Tk 248 crore shortfall and contributed towards an aggregate excess of Tk 88 crore in the revised budget, he said.
Pointing to the increased deficit in the fiscal '94-95, he said, 'This is largely attributed to the enhanced food management operation. While the original budget allocated Tk 70 crore for the purpose, the actual expenditure was Tk 264 crore," the economist said
In terms of financing the deficit, as against the projected 74.2 pet cent contribution ot foreign sources, the revised budget indicates it to be 66.6 per cent, he added.
“This apparent reduction in external dependence needs to be nidged against inability to use almost seven billion US dollars foreign aid, which is in pipeline, as well as generation of supplementarc resources by seeing of I\s F bunds (Tk 235 crore) and domestic bor rowing from the banks (Tk 470 crore)," said Dr Bhat tachariya.
Referring to the sectoral fiattern of supplementary al-ocation under the revised ADP, he termed those 'physical infrastructure biased'. The social infrastructure sectors seem to be lag ging behind, he said.