Prices of some essential products, including ballpoint pen, napkin, tissue paper, soap, and plastic household items, may go up in the upcoming fiscal year (FY).
The proposed budget for FY 2023-24, placed before the parliament on Thursday, may also push up prices of land, cashew nut, dates, electric cigarette, cigarette, escalator and moving walkways, electric motor parts, sandwich panel, cement, microwave oven, basmati rice, software, tissue, mobile phone, sunglass, and plastic-made tableware and kitchen ware.
On the other side, prices of imported fishes, sweetmeat, optical fiber cable, handmade biscuit, cake, animal feed, blender, juicer, pressure cooker, agriculture equipment, and medicines for malaria may go down in the upcoming FY.
The VAT exemption limit for handmade biscuits has been increased by Tk 50-200 per kg, and the VAT exemption limit for cakes has been increased by Tk 50-300 per kg. These will reduce the production cost of handmade biscuits and cakes.
VAT on confectionery services is now 15 per cent, which the finance minister has proposed to halve. Medicines for cancer, diabetes, malaria and tuberculosis will be cheaper in the upcoming FY.
VAT exemption has been proposed on lease of aircraft used for passenger transport. It will reduce the cost of lease.
To encourage the business of containers used for import and export, the government has proposed to reduce the duty on container import to 15 per cent.
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