Addl excise duty on big bank depositors likely

Excise duty on bank deposits for the well-off section of savers is likely to go up in the upcoming fiscal year.
However, it will remain unchanged for other income groups of people.
Depositors having more than Tk 50-million money may have to pay Tk 10,000 higher excise in FY 2022-23.
Currently, excise duty is payable at Tk 40,000 for the amount of Tk 50.0 million onwards.
Other excise duties will remain unchanged in the Finance Bill-2022.
The National Board of Revenue (NBR) collects excise duties on the principal amount of deposits once a year.
The duty rate for Tk 0.10 million to Tk 0.50 million is Tk 150 while it is Tk 500 for Tk 0.50 million to Tk 1.0 million.
The rate for Tk 1.0 million to Tk 10.0 million is Tk 3,000 while Tk 15,000 is fixed for the amount of customers' bank accounts between Tk 10.0 million and Tk 50 million.
Also, small businesses will enjoy a concessionary rate of value-added tax (VAT) as the government is set to cut the 5.0-per cent rate to around 2.0 per cent.
The measures are likely to be proposed in the budget to be placed in parliament on June 09.
Import of a wide range of products will be costlier through imposing supplementary duty and regulatory duty with intent to discourage inward shipments.

doulot_akter@yahoo.com