Sunday, 21 April, 2019

Inu for lifting excise duty on bank deposits

Published on: 1:34 pm - Thursday | June 22, 2017

Information minister Hasanul Haq Inu called for cancelling the excise duty imposed on bank deposits in the proposed national budget of Fiscal Year 2017-18.

Moreover, he demanded not to levy any excise duty on bank deposits of up to Tk 5 lakh.

The minister made the call at a discussion on the proposed national budget at the National Parliament on Thursday morning (June 22).

Bringing Finance Minister Abul Maal Abdul Muhith’s attention regarding the matter, Inu said small savers will be benefited if they don’t have to pay excise duty for up to Tk 5 lakh bank deposits.

In the proposed national budget of FY 2017-18, the amount of excise duty has been rose to Tk 800 which was fixed at Tk 500 in preceding years for bank deposit of more than Tk 1,00,000.

However, Finance minister Muhith recently told reporters that “Excise duty is nothing new, just the amount has been increased.”

This issue drew wide spread criticism from countrymen. Even government law makers criticized Muhit’s rigid stance in this matter.

Recently ruling Awami League-led 14-party alliance also demanded cancellation of the much-criticized excise duty.

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