FY’24

Bangladesh
National Budget
Review
“Towards Smart
Bangladesh Sustaining
the Development
Achievements in a
Decade and a Half”
 BUDGET IN A NUTSHELL
• The government of Bangladesh has proposed BDT 7,617.9 Bn (US$73.3 Bn) of budget for the FY24.

• The proposed size of the FY24 budget has been raised by 12.2%. Higher allotment to operating expenditure (+17.0% YoY) than development
expenditure (+7.0% YoY).

• Significant rise in foreign interest payment (+72.0% YoY), subsidies and liability (+50.3% YoY) and Power and energy infrastructure (+33.6% YoY)
contributed to the higher operating expenditure in the proposed budget of FY24.

• Fiscal deficit is projected at 5.2% of GDP which is 30- bps higher given higher GDP projection. Higher expenditure target will require higher
government borrowings from the banking sector (17.4% of the total budget) while borrowing from National Savings Certificate reduced by 48.6%
YoY.

• In order to increase tax base, the following measures has been proposed: Imposition of minimum BDT 2,000 tax on zero tax return filing taxpayers,
removal of certain prevailing tax exemption facilities for individual taxpayers, increase in tax in land registration and travel, and levy of
environment surcharge on vehicles and rise in VAT far various products and services. Besides, in order to discourage import, various import duties
has also proposed to increase.

• Policy measures regarding minimum tax rate and corporate tax rates remain unchanged. Existing duty rates maintained on essential commodities,
fertilizers, seeds, lifesaving drugs, and some other industrial raw materials.

• In order to accelerate digital economy, establishment of BDT 1.0 Bn SMART Bangladesh fund and imposition of customs duty and VAT on imported
software to support local companies.

• No direct impact on the capital market but several changes in the import duty, VAT and other tax rates may impact earnings performance of some
listed companies.
 TABLE OF CONTENT

Deficit Financing ………………………………………….…………………8

Core Priorities………………………………………………………………4
Fiscal Expenditure ……………………………………………………….….9
Budget Highlights ………………………………………………………..5
Operating Expenditure……………………………………………….....10
Sources of Revenue…………………………………..………………….7

ADP Allocation…………………………………………………….…..…11 Commodity Price Impact………………………………….…………..16

Individual Income Proposals…………………………………...12-14 Macro-Economic Scenario ………………………………………….. 17

Corporate Tax Proposals ………………………………….…….... 15 Sector-wise Budget Impact…………………………………………18-22

 CORE PRIORITIES

Easing
Complying Promoting
Curbing Tax Base Pressure
with IMF Digital
Inflation Widening on FX
Condition Economy
Reserve

An expansionary budget towards the development of a ‘Smart Bangladesh’

4
 BUDGET HIGHLIGHTS

5
 BUDGET HIGHLIGHTS Proposed Budget

Gross Domestic Production Past Fiscal Budget Review

Revenue Target Budget Deficit Budget Growth (YoY)

8,000.0 17.5% 12.3% 20.0%
16.1% 12.3%
7,000.0

2,617.9
15.4% 6.3%
12.6% 8.6%

2,450.6
6,000.0 15.0%

2,146.8
1,900.0
1,453.9
FY23 FY24

1,253.2
5,000.0

1,122.8
BDT bn
BDT 44.5 4,000.0 10.0%
BDT 50.1

2,427.5 978.5
3,000.0
Tn Tn 2,000.0 5.0%

4,330.0
2,879.9

3,392.8

3,778.1

3,780.0

3,890.0

5,000.0
1,000.0
0.0 0.0%
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

Sources of Deficit Finance

Budget External Domestic Non-Bank Bank

deficit Financing Financing Borrowing Borrowing
34.4% 14.0% 20.4% 3.0% 17.4%

6
 SOURCES OF REVENUE
Proposed Revenue Sources Total Revenue(Actual Vs Target)
Target Revenue Actual Revenue
5000

Non-NBR Tax 4000

NBR Tax Revenue, 2.6%
Revenue, 3000

BDT bn
56.4% Non-Tax
Revenue, 2000
6.6%

3,392.8
2,518.8

3,778.1
2,659.1

3,780.0
3,286.7

3,890.0
3,346.4

4,330.0
2,683.8
1000

As % of Total Budget
0
FY19 FY20 FY21 FY22 FY23*
Tax Revenue *Actual Revenue for July-March period
4,500.0
• The Government has set an ambitious revenue target of BDT
5,000.0bn for FY24.
2,995.9
2,698.0 • Revenues are budgeted to grow at a rate of 15.5% against 11.3%
BDT bn

2,259.6 2,219.8 2,345.1 rise in FY23.

o Tax revenue is estimated to increase by 16.0% mainly driven
by higher tax revenue target by the NBR.
o Non-Tax revenues growth remains same as FY23 at 11.1%.
• Focusing on tax collections through expansion of tax net.
FY19A FY20A FY21A FY22A FY23A* FY24T
*July-March Period

7
 DEFICIT FINANCING
Borrowings
• Government plans to finance 51.0% of the budget deficit from External Borrowing Domestic Borrowing
the banking sources (+25.0% YoY).

1,554.0
1,463.4
• In FY23, the government set the target of bank borrowing at

1,134.5
BDT 1,063.3 Bn, while the actual bank borrowing stood around

1,099.8
BDT 3,563.7 Bn.

BDT bn

680.2 773.6
292.0 1,132.6
• The government is planning to for lower net borrowing through
NSC in FY24. 7.0% of the deficit is estimated to finance through

1,012.3

1,020.0
800.2

987.3
the sales of NSCs (-48.6% YoY)

FY19 FY20 FY21 FY22 FY23 FY24

Domestic Bank Borrowing Borrowing through National Savings Certificates

5000 1,400
4000 1,200
1,000
BDT bn

3000

BDT bn

503.6
1,323.9
800

430.4
1,063.3

350.0
2000 600
792.7

755.3

202.6

180.0
151.4
345.9

326.7

400
1000
200
0 0
FY19A FY20A FY21A FY22A FY23T FY24T FY19A FY20A FY21A FY22A FY23T FY24T
Bank Borrowing Repayment Net Bank Borrowing Sales Repayment Net

A= Actual, T= Target
 FISCAL EXPENDITURE Sectoral Budget Allocation

Development Expenditure Operating Expenditure Public Order

and Safety
Other
4.2%
Infrastructure Others
1.5% General
Services
17.1%
Communication Interest
BDT bn

Infrastructure Payments

4,362.5
3,732.4
11.2% 12.4%

3,288.4
3,116.9
2,779.3
2,516.7

PPP Subsidy
and Liability
1,796.7

2,116.8

2,150.4

2,370.8

2,596.2

2,775.8
Power and 10.5%
Energy
Agriculture
4.6%
and Rural
FY19 FY20 FY21 FY22 FY23 FY24 Development
12.2%
Health &
Education
23.1% Net Landing
Higher subsidy, allowance and interest payment raise the Food and
and Other
allotment towards operating expenditure Expenditure
Social Safety
1.2%
2.1%

9
 BDT bn

10
BDT bn

1,000.0
1,500.0
2,000.0

500.0

0.0

100
120
140

0
20
40
80
60
Education

29.6

FY19
775.6

Health and
Family Welfare

42.7

FY20
294.3

Human

55.5
Resource

FY21
1,757.7

Food and Social

65.9

FY22
Foreign Interest Payment Safety
5 Yrs Avg

161.0

Agriculture and
Rural
72.0

FY23
Development 930.0

Power and

FY24
123.8

Energy
348.0
FY23

Communication
BDT bn Infrastructure
852.0
500
0
1500
2000

1000
2500
Allocation of Expenses

Other
Infrastructure
111.0
FY19
1,044.2

Public Order and

Safety
323.0
FY24
OPERATING EXPENDITURE

FY20
1,112.7

Others General
Services
1,303.0
FY21
1,398.7

Interest
Payments
944.0
FY22
Subsidies and Incentives

1,442.7

PPP Subsidy and

Liability
799.0
FY23
1,700.1

Net Landing and

Other
Expenditure
FY24

89.0
2,041.6
 ADP ALLOCATION (SECTOR WISE)
Proposed ADP Implementation Rate (%)
Proposed for FY24
3,000.0 100.0% Annual Development Programme

2,500.0
87.2% 86.5%
90.0% BDT 2630.0 Bn
82.6% 80.0%
76.8% 78.2%
70.0%
2,000.0
60.0%
BDT bn

1,500.0 50.0%
40.0%
1,000.0
30.0%
20.0%

2,630.0
1,533.3

1,730.0

2,027.2

2,051.5

2,253.2

2,460.7
500.0
25.5%
10.0%
0.0 0.0%
FY18 FY19 FY20 FY21 FY22 FY23* FY24
*Implementation rate for July-March period

Allocation for the annual development programme increased by 7.3% (YoY)

while implementation of ADP remained historically low in the current fiscal
year.

11
 INDIVIDUAL
INDIVIDUAL
INCOME
TAX BASE
TAX BASE
Threshold Existing Proposed Minimum tax of BDT 2,000 must be paid for every
General Taxpayer 300,000 3,50,000 TIN holder
Women and Senior Citizens
350,000 400,000
(65+)
Previous tax exemptions on Individual Salary Income
Third Gender 350,000 475,000 under the rules 33- (Valuation of perquisites, allowances
benefits) has been lifted in accordance with followings:
Physically Challenged 450,000 475,000 33A: House rent allowances receivable in cash;
Gazette Freedom Fighter 475,000 500,000 33B:Rent free accommodation
33C: Conveyance allowance receivable in cash with no
conveyance facility;
33D:Conveyance provided for personal or private use;
33E: Additional conveyance allowance,
Threshold Existing Proposed Rate
33G: Free or concessional passage for travel abroad or
First 300,000 3,50,000 NIL within
Bangladesh;
Next 100,000 100,000 5.0% 33H:Entertainment allowance;
33I:Medical expenses and
Next 300,000 300,000 10.0% 33J:Other benefits
Next 400,000 400,000 15.0%
Next 500,000 500,000 20.0% Tax rebate limit on allowable investment remains
Above 500,000 500,000 25.0% unchanged.

12
 CHANGES IN INDIVIDUAL LEVEL TAXES
Environmental Surcharge on additional vehicle
< 1,500 CC/ 75 KW 25,000

1,500 CC / 75 KW – 2,000 CC / 100 KW 50,000

2,000 CC /100 KW – 2,500 CC /125 KW 75,000

2,500 CC /125 KW – 3,000 CC /150 KW 150,000

3,000 CC / 150 KW – 3,500 CC / 175 KW 200,000

> 3,500 CC / 175 KW 350,000

*in BDT
Wealth Surcharge
Change in Vehicle Supplementary Duty Change in Land, Flat Gains Tax

Areas under
200% 250% RAJUK & 4% 8%
10%

2,001 to 3,000 CC CDA

20%

30%

35%
0%

Upto BDT BDT 40 - BDT 100 - BDT 200 - BDT 500 350% 500% Other areas 3% 6%
40 mn 100 mn 200 mn 500 mn mn & 3,001 to 4,000 CC
above

13
 CORPORATE TAX
Existing Proposed
Listed Companies with less than 10% publicly issued Companies with at least 10% publicly issued (IPO)
Companies
(IPO) shares shares
(except for other
entities) 22.5% tax rate 20% tax rate
Unchanged
Non-Listed
Companies General Companies & Juridical person Sole Proprietor
(except for other 27.5% tax rate 22.5% tax rate
entities)
To avail 2.5% less tax rates as above:
-All income & receipts must be made through bank transfer
-Expenses & investments over BDT 1.2 mn are made through bank transfer

Types of Companies Existing Proposed

Publicly traded banks & NBFI 37.5%
Non-publicly traded banks & NBFI 40.0%
Merchant banks 37.5%
Non-residents 30.0%
Other non-listed companies 27.5% Unchanged
Listed Telcom operator 40%
Non-listed Telecom operator 45%
Private Universities, Colleges & Cooperative Societies 15.0%
Cigarettes & other tobacco manufacturers 45.0% + 2.5% surcharge
Other than company, Trust, Fund, Association etc. 27.5%

14
 IMPACT ON COMMODITY PRICES

Sweets, Medicines including Cancer, Malaria and TB medicines, Air-craft engine, Optical fiber cable, Cake,
Items to be Handmade biscuits and cakes, Hygiene products, Agriculture machineries, Home Appliances, Agriculture
Cheaper equipment.

Cement, Refrigerator, Pen, Kitchenware, Dates, Basmoti rice, Processed nuts, Sunglass, Tissue, Mobile
Phone, Gas cylinder, Cigarette, Electronic cigarettes, Software, Electric panel, Local bicycle, Lift and Items to be
Escalators, Cement, Panel, Gold Bar. Dearer

15
 MACROECONOMIC SCENARIO
GDP Growth Rate Per Capita Income Average Yearly Inflation
7.9%
7.3% 7.3% 7.5% 7.5%
6.9%
6.6%
6.0% 6.2%
5.8% 5.6%
5.4% 5.5%

US$
5.7%

1,962.0

2,132.0

2,303.0

2,424.0

2,694.0

2,793.0

2,765.0

2,961.0
3.5%
FY17 FY18 FY19 FY20 FY21 FY22 FY23* FY24** FY17 FY18 FY19 FY20 FY21 FY22 FY23* FY24** FY17 FY18 FY19 FY20 FY21 FY22 FY23*

Fiscal Deficit as % of GDP Private & Public Investment as % of GDP

Public Private

24.52
23.66

24.02
24.94

27.83
21.85
24.7
23.7
5.0

5.0

5.5

5.4

4.6

5.1

5.2

5.4

7.3 6.9 7.0 7.3 7.3 7.5 6.0 6.3

FY17 FY18 FY19 FY20 FY21 FY22 FY23* FY24**
FY17 FY18 FY19 FY20 FY21 FY22 FY23* FY24**

*Provisional Source: Budget Speech

** Estimate
*** Till May 2023
16
 MACROECONOMIC SCENARIO
BDT-USD Exchange Rate at year end Exports & Imports Foreign Exchange Reserve
108.1 79.57

93.5 52.94 56.06 54.33 53.04

48.52

US$ bn
US$ bn
43.54
83.7 84.5 84.8 52.1
80.6 40.5 41.7
36.7 38.8
84.9 34.7 33.7

33.5

32.9

32.7

36.0

46.4

41.8

30.0
FY17 FY18 FY19 FY20 FY21 FY22 FY23*** FY17 FY18 FY19 FY20 FY21 FY22* FY23*** FY17 FY18 FY19 FY20 FY21 FY22 FY23***

Remittance FDI Inflows

US$ bn
US$ bn

12.8

15.0

16.4

18.2

24.8

21.0

16.0

2.5

2.6

3.9

2.4

2.5

3.4

1.8
FY17 FY18 FY19 FY20 FY21 FY22 FY23***
*Provisional FY17 FY18 FY19 FY20 FY21 FY22 FY23****
** Estimated Source: Bangladesh Bank Monthly Economic Trend
*** Till March 2023
**** Till December 2023
17
 CONSTRUCTION

Proposal Impact

▪ Increase of specific duty on clinker import by BDT 200.0 per ton. ▪ Cement manufacturing companies that import clinkers will see
▪ Imposition of tax incidence of 43.0% on calcium carbonate higher cost of production.
▪ VAT on the import of ethylene glycol, and hot rolled stainless steel ▪ Cost of the integrated cement manufacturers and local clinker
sheet in coil is reduced from 15.0% to 5.0%. producers will not be impacted.
▪ Increase in import duties for lifts & skip hoist from 5.0% to 15.0% ▪ If the price of cement rises further in the local market, integrated
cement manufacturers will be benefitted with higher margins.
▪ Increase in import duties for escalators from 1.0% to 15.0%.
▪ Calcium carbonate is used to produce limestone, hence, limestone
▪ Withdrawal of concession rate on tiles and consumable products. producers to incur high cost.
▪ Imposition of customs duty on electric panel from 1.0% to 10.0%. ▪ Construction materials prices will be higher due to new impositions
▪ Introduction of 2 new HS codes for the import of machinery, spare of import duties.
parts at reduced rate. ▪ Lift and escalators producers will incur higher duties.

Affected Listed Companies:

POSITIVE: LHBL
NEGATIVE: ARAMITCEM, CONFIDCEM, CROWNCEMNT, EHL, HEIDELBCEM, MEGHNACEM, PREMIERCEM
NEUTRAL:

18
 ENGINEERING

Proposal Impact

▪ Withdrawal of advanced tax on import of agricultural machineries ▪ Agri machinery importers will enjoy lower cost.
including paddy transplanters, dryers, sprayer machines, potato
▪ Government wants to boost the agricultural industry; hence, this
planters and all kinds of containers.
withdrawal will positively impact companies manufacturing and
▪ Custom duty on electronic panels is increased from 1.0% to 10.0% selling agricultural machineries and products.
and from 1.0% to 5.0% for sandwich panels.
▪ Prices of locally produced/assembled mobile phones will rise.
▪ Withdrawal of advance tax from import of aircraft engines, turbo
▪ Cost of assembling aircrafts will fall.
engines, aircraft parts, and solar-powered water distillation plants.
▪ Renewable energy producing machineries will get cheaper.
▪ VAT exemption for production of optical fibers.
▪ Home appliances and electronic goods producers will enjoy VAT
▪ Import duties on freewheel & sprocket is increased from 10.0% to
exemptions and gain higher profits.
15.0%.
▪ Cheaper optical fiver cables to benefit internet service providers.
▪ Impose VAT on locally manufactured/assembled handsets from 0-
5.0% to 2.0-7.5%. ▪ Two and three wheelers will suffer from increased sprocket prices.
▪ Extension of VAT exemption period up to FY25 for production home
appliances and up to FY24 for production of refrigeration.

Affected Listed Companies:

POSITIVE: ACI, WALTONHL, SINGERBD, BBSCABLES
NEGATIVE: RUNNERAUTO, IFADAUTOS
NEUTRAL:

19
 FOOD & ALLIED

Proposal Impact

▪ The VAT-free threshold for the production of handmade biscuits is

▪ Cost of bakery and confectionary items production will see slight
raised from BDT 150.0 to BDT 200.0
rise due to the increase in price of cashew nuts, dates, processed
▪ The VAT-free threshold for the production of handmade cakes is nuts and fruits.
increased to BDT 300 from BDT 250.0 ▪ Sweet manufacturers will pay lower taxes.
▪ Animal feed made from copra waste is exempted from VAT. ▪ Hair oil producers need to be more cautious about their waste
management.
▪ Tax incidence on import on cashew nuts increased from 15.2% to
43.0%.
▪ Imposition of 15.0% VAT on non-fortified basmati rice at import.
▪ Imposition of supplementary duty of 20.0% on import of processed
nuts and fruits and 15.0% VAT and 25.0% custom duty on import of
fresh and dried dates.
▪ Reduction of tax on sweetmeat shop from 15.0% to 7.5%.

Affected Listed Companies:

POSITIVE:
NEGATIVE: OLYMPIC, RDFOOD, FUWANGFOOD,
NEUTRAL:

20
 HEALTH & PHARMA

Proposal Impact

▪ VAT exemption on anti-malaria and anti-tuberculosis drugs at ▪ Cancer, diabetics, malaria, and tuberculosis medicine producers will
production stage. continue to enjoy lower cost of production.
▪ Including 100 more cancer related medicines under the existing ▪ Medical equipment manufacturers will enjoy concession benefits
concession banner. on silicon import.
▪ Import silicon tube, raw material for IV canula, to be under the ▪ Prices of hygiene products such as sanitary napkins and diaper will
existing concession banner. remain unchanged.
▪ Including 3 more raw material for diabetes medicine under the
existing concession banner.
▪ Extension on period for exemption on imported raw materials
for sanitary napkins & diapers to FY24.

Affected Listed Companies:

POSITIVE: ACMELAB, RENATA, SQURPHARMA, BXPHARMA, ACI, BPML, JHRML, JMISMDL, ORIONINFU, ACI
NEGATIVE:
NEUTRAL:

21
 TEXTILE

Proposal Impact

▪ Withdrawal of VAT on textile waste from existing 7.5%. ▪ Textile manufactures who use polyester fibres are about to enjoy
▪ Imposition of tax incidence of 43% on titanium dioxide. lower cost.
▪ Companies that maintains green manufacturing will enjoy VAT
▪ Imposition of VAT of 5% at manufacturing stage of propylene
exemptions.
staple fibre.
▪ VAT on the import of terephthalic acid is reduced from 15.0% to
5.0%.

Affected Listed Companies:

POSITIVE:
NEGATIVE:
NEUTRAL:

22
 FUEL AND POWER

Proposal Impact

▪ Withdrawal of subsidized rate on the import of PHC/SPC/PC ▪ Local companies producing SPC poles will enjoy higher demand.
Pile and SPC Pole products by power distribution companies ▪ Oil importer BPC will see a rise in direct cost.
▪ Specific duties on petroleum oil, jet fuels and diesel is changed ▪ LPG Cylinder manufacturers will enjoy a rise in retail price.
from 10.0% to BDT 13.75/litre.
▪ Withdrawal of VAT on import of petroleum oil, jet fuels, motor
spirits, diesel and furnace oil which is currently between 5% to
15.0%
▪ VAT on LPG cylinder manufacturers is raised from 5.0% to 7.5%
at production stage.

Affected Listed Companies:

POSITIVE: SPCL, CONFIDCEM, MJLBD, INTRACO
NEGATIVE:
NEUTRAL:

23
 OTHERS

Proposal Impact

▪ VAT increase from 5.0% to 7.5% on all types of plastic tableware, ▪ Price of hygiene products will increase.
kitchenware, household articles, hygiene and toilet articles ▪ Prices aluminium products will rise.
(except tiffin box & water bottles). ▪ Prices of plastics and kitchen appliances will rise.
▪ VAT increase from 5.0% to 7.5% on kitchen towel, toilet tissue,
napkin tissue facial tissue hand towel/paper towel/clinical bed.
▪ VAT increase from 5.0% to 7.5% on aluminium and kitchen or
other household articles, sanitary ware and aluminium parts.
▪ VAT increase from 5.0% to 7.5% on sunglasses plastic and metal
framed.
▪ Impose of 15.0% VAT on ball point pens at manufacturing stage.

Affected Listed Companies:

POSITIVE:
NEGATIVE: NAHEEACP, BDTHAI, RAKCERAMIK, RANFOUNDRY, GQBALLPEN
NEUTRAL:

24
 TOBACCO

Proposal Impact

▪ Increase of the prices of the low slab 10-stick/pack cigarettes to ▪ The government intends to raise a BDT 50.0 bn additional revenue
BDT 45, medium slab to BDT 67, high slab to BDT 113 and higher from tobacco sector.
& premium slab to BDT 150 ▪ To curb consumption of cigarettes and nicotine-based products.
▪ Supplementary duty (SD) on the low slab cigarettes increased to ▪ Net revenue and profitability of Cigarette manufacturing companies
58.0%, while the medium, high and premium slab will remain at may be negatively affected due to higher SD on low segment
65.0% cigarettes.

▪ Impose supplementary duty on liquid nicotine, transdermal

nicotine of 150.0%
▪ The duty on electronic cigarettes increased by 212.0%
▪ Supplementary duty increase from 100.0% to 150.0% on cigarette
paper

Affected Listed Companies:

POSITIVE:
NEGATIVE: BATBC
NEUTRAL:

25
 IT & SERVICE

Extending Support: Government created a fund of BDT 1.0 bn for research and innovation under “Smart Bangladesh”

Proposal Impact

▪ Supplementary duty increased from 5.0% to 25.0% on software import. ▪ Internet service providers will enjoy the reduced cost of service.
▪ 15.0% VAT is imposed on software import. ▪ Increase charge on IT services.
▪ Imposition of VAT of 5.0% on software production and customization ▪ Increase cost of construction of hotels and resorts.
services.
▪ VAT exemption for production of optical fibers.
▪ Government created a fund of BDT 1.0 bn for research and innovation
under “Smart Bangladesh”.
▪ Extension of VAT exemption period up to FY 2026 for IT equipment.
▪ Withdraw of duty tax exemption from hotel industry.
▪ Set up initiative of 109 Hi-Tech Parks/Software Technology Parks/IT
Training and 72 Incubation Centre by Hi-Tech Park Authority.

Affected Listed Companies:

POSITIVE: GENEXIL, ITC, BSCCL, AAMRANET, BDCOM
NEGATIVE: ISNLTD, EGEN, UNIQUEHRL, BDSERVICE, SEAPEARL
NEUTRAL: AAMRANET, ADNTEL, AGNISYL

26
DISCLAIMER

This document has been prepared by Green Delta Dragon Asset Management Company Limited (“Green Delta Dragon”) for information purpose only. The document is delivered
only to and directed at the concerned persons to whom it is legally allowed to be communicated. Anyone who is not a relevant person shall not act or rely on any of the content of
this document. The information in this document is also not intended and should not be construed as investment, tax, legal, financial, or other advice. This document has no regard
to the specific investment objectives, financial situation or particular needs of any specific recipient. Neither GDDA nor any of its directors, shareholders, member of the
management or employee represents or warrants explicitly or implicitly that the information or data or the sources used in the documents are genuine, accurate, complete,
authentic, and correct. However, all reasonable care has been taken to ensure the accuracy of the contents of this document.
Additionally, Green Delta Dragon reserves the right to edit and/or alter to this document in response to any existing or unprecedented information or as Green Delta Dragon may
find necessary.

The proposed tax measures may be changed, and new fiscal proposals may be available after publication of this materials and even certain budgetary proposals might not have
been mentioned or covered in this documents. Readers must rely on their own professional tax, legal and investment advisers as to matters concerning the contents of this
documents.

GDDA Research Team

Mohammad Asrarul Haque Senior Manager, Investment Research [email protected]

Umme Maksuda Lucky Senior Executive, Investment Research [email protected]

Nusrat Jahan Niloy Executive, Investment Research [email protected]

Farhan Uddin Ahmed Executive, Investment Research [email protected]

Abrar Bin Rashid Intern, Investment Research [email protected]

For any queries: [email protected]

Budget Review FY 2023-24 27

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