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‘Excise duties on bank accounts could be reduced’

  • Published at 10:38 pm June 13th, 2017
‘Excise duties on bank accounts could be reduced’
State Minister for Finance MA Mannan hinted at lowering excise duties on bank accounts at the parliamentary session on Tuesday. He assured MPs, saying: “We have acknowledged everyone’s grievances, and rest assured that the highest echelons of the government are working on resolving the issue to everyone’s benefit.”
Also Read- Muhith: Bank excise duty long existed, we just increased it
The state minister echoed Finance Minister AMA Muhith when he said that excise duties have been in existence since 1947. On June 1, Minister Muhith proposed the national budget for the fiscal year 2017-2018. A 60% increase in excise duties on bank accounts was part of the budget. In the face of public outcry and condemnation of the proposal, the minister maintained his position and the 60% hike.
Also Read- 60% increase in excise duty on bank accounts
FBCCI, TIB, and various other organisations clamoured over the detrimental effects of the raise.