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News

Not much changes in 2013 Budget: Biman

October 17, 2012 1:02 am

Economist Professor Biman Prasad believes next year’s national budget will be similar to the 2012 budget.

Prasad said this year’s budget was a bold one with many significant changes made.

Company tax was reduced from 28 percent to 20 percent and the personal income tax was also reduced which had a positive impact.

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Prasad says consumers spending power also increased and this has helped the economy.

“I don’t think the 2013 Budget will be significantly different from what they put out for 2012 simply because it was in some sense a radical budget so I am expecting and people should expect the government to continue with the direction in which the policies were set out in the 2012 Budget – that is what I expect.”

Prasad adds the 2013 budget could be significant against the back drop of the current constitutional consultation process because the process has already inspired some investor confident in the country.

The government will announce the 2013 budget next month.

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