Muhith to rename excise duty on deposit

Staff Correspondent | Published: 01:14, Jun 19,2017 | Updated: 01:17, Jun 19,2017

 
 

Finance minister AMA Muhith on Sunday said that he would rename the excise duty with something like income tax as he received bitter criticisms for his proposal for a hike in excise duty on deposits in the proposed budget.
Excise duty on bank deposit sounds odd, he told reporters after attending a signing ceremony between bank and financial institutions division and state-owned financial entities at the ministry.
It should be renamed with a suitable name like income tax, he said, indicating that excise duty generally was slapped on items like liquor, tobacco and other items needed restriction.
Muhith reiterated that he would cut down the proposed hike in excise duty when the national budget for 2017-18 would be passed in parliament on June 28.
He said that he confirmed the decrease in excise duty in advance for the comfort of the people.
In the proposed budget, Muhith proposed that the excise duty would be increased to Tk 800 from Tk 500 for depositors of Tk 1-10 lakh, Tk 3,000 for depositors of Tk 10 lakh to Tk 1 crore, Tk 15,000 for depositors of Tk 1 crore to Tk 5 crore and Tk 30,000 from depositors of Tk 5 crore and above.
Muhith also proposed waiver of excise duty on deposits having less than Tk 1 lakh.
At present, no excise duty is charged on balance of up to Tk 20,000.
Lawmakers have already called on the finance minister to withdraw his proposal.
Muhith on Sunday, however, censored the critics of the recently proposed budgetary measures especially hike in excise duty on deposits.
He said that there were some people who would always find out ‘something’ in the proposed budget just to create controversy.
Without identifying them, he said that they were seemingly more active this year.
He said that there was a lot of criticism over the country’s financial sector.
He noted that such criticism increased after the announcement of the proposed budget.
Replaying a question, Muhith said that the government was taking measures to increase the land price in the capital and other cities to check false declaration by the land owners.
Hiding actual land price is one of the major sources of black money, he noted. 

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