Keeping money in bank to cost more

Finance Minister AMA Muhith has proposed to increase the excise duty on bank accounts with large debit or credit balance in the fiscal 2017-18 to boost revenue collection.

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Accounts with balance between Tk 1 lakh and Tk 10 lakh at any time of a year has been proposed to be brought under a duty of Tk 800 excise tax from existing Tk 500 per annum.

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The finance minister, however, was against impose of any excise duty on the accounts where the balance, whether debit or credit does not exceed the limit of Taka 1 Lakh at any point of a year.

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Similarly, Tk 2,500 per annum will be imposed instead of existing Taka 1,500 in cases where the balance exceeds Tk 10 Lakh but does not exceed the limit of Taka 1 crore.

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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.