Staff Reporter :
Finance Minister AMA Muhith defended the imposition of excise duty on bank accounts, but said that school banking activities would be out of its jurisdiction.
Under-fire minister from within his own party has labeled the excise duty as a “legendary step” of the government.
In a scripted reply to lawmakers’ queries in the Parliament, Muhith reiterated there would be no excise duty on bank balance amounting to Tk 1 lakh only.
“There will be no impact on school banking activities due to excise duty,” Muhith told the Parliament.
The minister has come under fire in the Parliament during budget discussion. The issue of the new VAT law and excise duty on bank accounts has been the main topic of the discussion.
Ruling Awami League lawmakers fear that such tough measures could bring adverse result in the next parliamentary election.
