Wedding ceremonies in Bangladesh are set to become more expensive as a price hike is expected for cosmetics, including wedding accessories.
The government has proposed to impose a 20% import duty (customs tax) on the imported cosmetics, including accessories used in wedding ceremonies. This move aims to regulate the import and consumption of such products while generating revenue for the government.
Finance Minister AHM Mustafa Kamal on Thursday unveiled a Tk7,61,785 crore proposed national budget for the 2023–24 fiscal year in the national parliament.
The finance minister said: “The import duty on imported cosmetics was 3%, which will now be increased to 20%. As a result, the prices of imported soaps, organic surface-active agents, bar cakes, various soap-making ingredients, washing creams, detergents, liquid soaps, liquid creams, and wedding accessories are expected to rise.”
The proposed budget for the fiscal year 2023-24 is set at Tk7,61,785 crore. This massive budget has a deficit of Tk2,61,885 crore. The amount of the deficit, excluding grants, is Tk6,61,785 crore, which accounts for 5.2% of the GDP.
Within the proposed budget, Tk1,55,395 crore will be allocated from domestic sources, while Tk1,02,490 crore will be managed from foreign sources.
The budget for the FY24 has set a target inflation rate of 6.5%. It aims to achieve a GDP growth rate of 7%. The government is relying on both domestic and foreign loans to fulfill the significant deficit in the budget.