Staff Reporter :
People having deposits in the banks or travelling abroad by air are likely to pay more in future as the Finance Minister, AMA Muhith, has proposed to increase excise duty on bank deposits and double duty on air tickets.
“With a view to collecting more revenue from this sector, I am proposing the following changes to be implemented in The Excise and Salt Act, 1944,” said the finance minister in his 2017-18 budget speech.
“I am proposing not to impose any Excise Duty on the accounts where the balance, whether debit or credit, does not exceed the limit of Tk 1 lakh at any point of time during a year.
“However, I am proposing to impose Tk 800 Excise Duty 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.
In addition, he said, “I am proposing to revise the existing Excise Duty on airline tickets as follow, except for domestic travels and travel to the SAARC countries which I propose to keep the same as present.”
He proposed Tk 2,000 Excise Duty on airline tickets instead of existing Tk 1,000 for travel to any Asian countries except the SAARC ones and Tk 3,000 Excise duty on airline tickets instead of existing Tk 1,500 for travel to Europe, USA and other countries of the world.
In order to avoid any inconvenience of travelers, this Excise Duty will be collected at the time of purchasing air tickets, said the Minister.
People having deposits in the banks or travelling abroad by air are likely to pay more in future as the Finance Minister, AMA Muhith, has proposed to increase excise duty on bank deposits and double duty on air tickets.
“With a view to collecting more revenue from this sector, I am proposing the following changes to be implemented in The Excise and Salt Act, 1944,” said the finance minister in his 2017-18 budget speech.
“I am proposing not to impose any Excise Duty on the accounts where the balance, whether debit or credit, does not exceed the limit of Tk 1 lakh at any point of time during a year.
“However, I am proposing to impose Tk 800 Excise Duty 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.
In addition, he said, “I am proposing to revise the existing Excise Duty on airline tickets as follow, except for domestic travels and travel to the SAARC countries which I propose to keep the same as present.”
He proposed Tk 2,000 Excise Duty on airline tickets instead of existing Tk 1,000 for travel to any Asian countries except the SAARC ones and Tk 3,000 Excise duty on airline tickets instead of existing Tk 1,500 for travel to Europe, USA and other countries of the world.
In order to avoid any inconvenience of travelers, this Excise Duty will be collected at the time of purchasing air tickets, said the Minister.
