Excise duty on bank deposits to be changed: Muhith | daily-sun.com

Excise duty on bank deposits to be changed: Muhith

Sun Online Desk     18th June, 2017 08:01:05 printer

Excise duty on bank deposits to be changed: Muhith

Finance Minister AMA Muhith has said the decision on the proposed excise duty on the bank deposits will be changed when the budget will be passed in the Jatiya Sangsad. 

 

"The National Budget has been proposed. Many things would be changed after passing the proposed budget.

Excise duty on bank deposits will also be changed," he told the journalists while addressing Annual Performance Agreement (APA) signing ceremony with state run-banks and financial institutions at the Finance Ministry in the city, reports BSS.



The Finance Minister said everyone will have to wait until June 28, when the next year's budget will be passed in Parliament.

 

He also hinted that the term "excise duty" on bank account will be changed.

 

"The name excise duty needs to be changed as it has been there for years," he added.



During the budget speech on June 1, Finance Minister AMA Muhith proposed imposition of Tk 800 excise duty instead of existing Tk 500 in cases where the balance, whether debit or credit, exceeds Tk 1 lakh but does not exceed the limit of Tk 10 Lakh.



Similarly, Tk 2,500 excise duty will be imposed instead of existing Tk 1,500 in cases where the balance exceeds Tk 10 lakh but does not exceed the limit of Tk 1 crore; Tk 12,000 will be imposed instead of existing Tk 7,500 in cases where the balance exceeds Tk 1 crore but does not exceed the limit of Taka 5 crore and Tk 25,000 will be imposed instead of existing Tk 15,000 in cases where the balance exceeds Tk 5 crore.

 


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