Excise duty on bank deposits to be changed

Dhaka,  Thu,  24 August 2017
Published : 18 Jun 2017, 18:06:44
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Excise duty on bank deposits to be changed

Excise duty on bank deposits to be changed
Finance Minister AMA Muhith Sunday said the proposed excise duty on the bank deposits will be changed when the budget will be passed in the parliament. 

"The National Budget has been proposed. When the proposed budget will be passed, many things change. Excise duty on bank deposits will also be changed," he said.

Muhith said it to journalists while addressing Annual Performance Agreement (APA) signing ceremony with state run-banks and financial institutions at the Finance Ministry in Dhaka, 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 said the term "excise duty" on bank account will be changed.

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 100,000 but does not exceed the limit of Tk 1 million.

Similarly, Tk 2,500 excise duty will be imposed instead of existing Tk 1,500 in cases where the balance exceeds Tk 1 million but does not exceed the limit of Tk 10 million; Tk 12,000 will be imposed instead of existing Tk 7,500 in cases where the balance exceeds Tk 10 million but does not exceed the limit of Tk 50 million and Tk 25,000 will be imposed instead of existing Tk 15,000 in cases where the balance exceeds Tk 50 million.

 
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