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Budget 17-18: Excise duty on bank deposit increased

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Published: 12:36, 1 June 2017   Update: 15:18, 26 July 2020
Budget 17-18: Excise duty on bank deposit increased

Staff Correspondent: Finance Minister AMA Muhith has proposed increasing the excise duty on bank deposit in the new budget for fiscal year 2017-18.

The minister came up with the proposal at the proposed budget while placing it in the National Parliament on Thursday.

An account holder will have to pay additional tax if he or she has more than TK 1 lakh in his or her account, Muhith said while placing the proposed Tk 4,00,266-crore national budget for 2017-18 fiscal year.

While placing the proposal, the finance minister said excise duty of Tk 800 will be imposed instead of existing Tk 500 in cases where the balance, whether debit or credit, exceeds Tk 1 lakh but does not exceed the limit of Tk 10 lakh.

Similarly, Tk 2,500 will be imposed instead of existing Tk 1,500 in cases where the balance exceeds Tk 10 lakh but does not exceed the limit of Tk 1 crore; Tk 12,000 will be imposed instead of existing Tk 7,500 in cases where the balance exceeds Tk 1 crore but does not exceed the limit of Tk 5 crore and Tk 25,000 will be imposed instead of existing Tk 15,000 in cases where the balance exceeds Tk 5 crore, Muhith said.

risingbd/DHAKA/June 1, 2017/Hasan/Amirul

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