Finance Bill passed sans Tk 2000 as blanket tax

Parliament passed the Finance Bill 2023 Sunday sans the much-debated provision for Tk 2000 proposed as all-inclusive individual income tax.
A specific duty on import of fuel oils was also scrapped by reinstating the previous ad-valorem taxes (tax on value) as concerns grew over a significant hike in prices of petroleum products under the new tax measures.
The specific duty on oil import came into effect on June 1, 2023 under the ‘Provisional Collection of Taxes Act 1931 (Act No. XVI of 1931) in the Finance Bill placed before parliament on the day.
The proposed value-added tax (VAT) on manufacturing of ballpoint pens was cut to 5.0 per cent from 15 per cent.
Jatiya Party lawmakers Feroz Rashid and Fakhrul Imam proposed the amendment which was approved by voice vote in the House.
Before passage of the finance bill, Finance Minister AHM Mustafa Kamal said that the financial condition of the country is "much better than many other countries of the world."
He urged all to cooperate with the government in implementing the budget.
Lawmakers placed a number of amendments to the finance bill, but the parliament accepted some changes recommended by JP lawmakers Feroz Rashid and Fakhrul Imam and AL lawmakers Sahiduzzaman Sarker and Selim Altaf.
As per their proposals, oil products containing more than 70 per cent petroleum will be treated as petroleum product.