State minister for finance hints for considering excise duty

State Minister for Finance MA Mannan today hinted in the parliament to reconsider the excise duty on bank deposit in the proposed national budget for next fiscal 2017-18.

There is still scope for the government to reconsider the excise duty in the proposed national budget, he said. “I hope, we would be able reach an acceptable solution in this regard.”

Taking part in a discussion on proposed budget, he came up with the hint following treasury and opposition bench MPs’ constant criticism for the last several days in parliament over the issue of excise duty.

The treasury and opposition bench MPs also urged the finance minister to reconsider the 15 percent uniform VAT saying that it would cause price hike of essentials.

Finance Minister AMA Muhith while placing budget for 2017-18 fiscal year on June 1, proposed to impose the excise duty on bank deposit.

Muhith proposed to raise the excise duty from Tk 500 to Tk 800 on bank deposit with balance of over Tk 1 lakh and below Tk 10 lakh.