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Government for rise in excise duty on bank balance above Tk 10 lakh

Staff Correspondent | Published: 23:02, Jun 11,2020 | Updated: 23:54, Jun 11,2020

 
 

The government has proposed raising excise duty rates on bank balance above Tk 10 lakh.

Finance minister AHM Mustafa Kamal placed the proposal in the budget for the fiscal year of 2020-21.

For bank balance between above Tk 10 lakh and Tk 1 crore, the excise duty was proposed at Tk 3,000, about 20 per cent higher than the previous rate of Tk 2,500.

The government slapped Tk 15,000 in excise duty, in place of existing Tk 12,000 on bank balance between above Tk 1 crore and Tk 5 crore.

And for a bank balance exceeding Tk 5 crore, the excise duty has been proposed at Tk 40,000, up from existing Tk 25,000.

However, the applicable excise duty rates will remain unchanged in cases where the bank account balance does not exceed Tk 10 lakh at any time during a year.

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