Proposed duty on sugar import to go

The proposed additional customs duty on sugar import will be withdrawn, Finance Minister AMA Muhith said today.

He also hinted about brining changes in the proposed minimum income tax rate for individuals.

Replying queries on the issue at a post-budget press conference at Osmani Memorial Auditorium in Dhaka, Muhith first denied imposition of any additional customs duty on sugar import.

But, after journalists pointed out the issue as a budget proposal, he asked National Board of Revenue Chairman Md Nojibur Rahman that how it happened.

The NBR chairman replied that it was mistakenly included in the budget proposal and they will withdraw the additional customs duty on sugar import through the parliament.

As per the budget proposal, the customs duty on raw sugar import increased to Tk 4,000 per tonne from existing Tk 20,000, while the duty on refined sugar import increased to Tk 8,000 per tonne from existing Tk 4,500.

Commenting on the minimum income tax rate for individual, Muhith said it will be differentiate for city corporation people and other than city corporation people.

He however did not mention about the rate.

The minimum tax irrespective of place of residence was proposed to be increased to Tk 4,000 from next fiscal year. At present, taxpayers living in the cities have to pay Tk 3,000 in minimum tax against their income; people living in district municipalities face Tk 2,000 in minimum tax and those living in the suburbs face Tk 1,000.