Special Correspondent :
The lawmakers on Monday urged the government not to increase excise duty on account holders’ bank balance as the decision has already spread panic among the country’s general people.
They drew the attention of the government over the issue taking part in a discussion over the supplementary budget of fiscal year 2016-17 in the Parliament yesterday.
The supplementary budget is likely to be passed today (Tuesday).
Earlier on Thursday, Finance Minister AMA Muhith in his budget speech declared the increase of the excise duty on bank accounts by 60-62.5 per cent for the fiscal year 2017-18 which invited widespread criticism from across the country.
“Panic has spread among the people centering the proposed excise duty. Usually, the village people deposit Tk 1 lakh or Tk 2 lakh in their bank accounts. Now they fear their deposited money will be curtailed in the name of excise duty. I urge the Finance Minister to drive away the people’s panic,” Whip Shahiduzzaman Sarkar said.
He also proposed to reduce the purview of VAT and increase other direct duties. “I urge not to increase the excise duty, rather to keep it in the same level like earlier years. If it can be done, the people will get relief,” he said.
Among others, Agricultural Minister Motia Chowdhury, former minister Ramesh Chandra Sen, former chief whip Abdus Shahid, independent lawmaker Dr Rustam Ali Farazi, opposition Jatiya Party MPs Selim Uddin and Nurul Islam Milon took part in the discussion.
Taking the part in the discussion, the lawmakers pointed out that 27 ministries have spent more money than the allotted funds in the 2016-17 fiscal year. The Finance Minister certainly knows how to check the “over expense”. But the ministries those failed to spend the allotted funds must be accountable to the authorities.
Significantly, the lawmakers raised the issue in the parliament yesterday just hours after Prime Minister Sheikh Hasina assured people to reconsider the matter through discussions.
“If there is anything unusual in the budget, it could be re-fixed through discussion,” the PM said on Sunday while addressing an Iftar party arranged by Bangladesh Federal Union of Journalists at Jatiya Press Club in the city.
Meanwhile, BNP Standing Committee member Mirza Abbas on Monday said that the government has proposed to increase excise duty on bank accounts apparently to divert people’s attention to other side.
Criticising the process, he said, “Why it will be reconsidered after discussion? Was it impossible to fix the matter earlier? In fact, you (government) have kept the issue alive so that other issues (political) could not get focus.”
As per budget of 2017-18, accounts with a balance between Tk1 lakh and Tk10 lakh at any given time in a year will be slapped with Tk 800 excise duty. It is 62.5 per cent up from the existing Tk 500.
The excise duty will rise to Tk 2,500 from Tk 1,500 for accounts with balance between Tk 10 lakh and Tk 1 crore. It’s an increase of 60 per cent. Besides, the charge will be Tk 12,000 instead of Tk 7,500 for any balance between Tk 1 crore and Tk 5 crore.
If anyone has over Tk 5 crore balance in his account, he will have to pay Tk 25, 000 as excise duty, instead of the current Tk 15, 000.
