The budget for upcoming fiscal year (FY) is likely to propose an increase in import duty on both raw and refined sugar, capital machinery and impose tax on talk-time of mobile phone subscribers.
A number of imported items, nearly 381, may also see a cut in the Supplementary Duty (SD) rates during the upcoming FY.
Import duty on some electrical and electronic products and dairy items may be reduced in the budget.
SIM (subscribers' identification module) tax may see a cut to Tk 100 from existing Tk 300 in the FY 2015-16.
Finance Minister AMA Muhith is likely to propose the tax measures while presenting the national budget for FY 2015-16 today (Thursday).
The upward adjustment of import duty on sugar may be made effective from August next as the government wants to keep the sugar price stable in the month of holy Ramadan, officials said. However, the proposal for raising the tax would be made in the budget speech.
Specific duty on import of crude sugar is likely to be doubled at Tk 4000 per tonne against existing Tk 2000.
For refined sugar, import duty may be set at Tk 8000 from existing Tk 4500 per tonne.
On VAT measure, the government may slap an additional tax on talk-time of mobile phone users.
Tax on tobacco items may also see a hike in the upcoming FY.
Customs duty on CKD motor cycle may be increased to 45 per cent from existing 30 per cent.
Tax-free ceiling for individual taxpayers may be set at Tk 2,50,000. However, it would be Tk 3,00,000 for women taxpayers.
Festival allowances and bonus of the government officials may also come under tax net from the FY 2015-16.
Currently, the government officials are paying income tax on basic salary while autonomous, semi-government and private officials on both allowances and basic salaries.
Source tax for apparel industry may be raised to 1.0 per cent on export bill against existing 0.30 per cent in the upcoming FY.
Import of a number of essential items including rice, wheat, petroleum oil, sunflower oil and mobile phone set may require payment of 2.0 per cent Advance Income Tax (AIT) from FY 2015-2016.
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