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Finance minister: Bank deposit excise duty likely to decrease

  • Published at 05:57 pm June 14th, 2017
  • Last updated at 06:01 pm June 14th, 2017
Finance minister: Bank deposit excise duty likely to decrease
Finance minister AMA Muhith has categorically said that the excise duty on bank deposits is likely to decrease, as per the demands of stakeholders concerned. The finance minister made the comment on Wednesday, after a meeting of the Cabinet Committee for Public Purchase at the Cabinet Division Auditorium.
Also Read- ‘Excise duties on bank accounts could be reduced’
When asked about State Minister for Finance MA Mannan's comment that the excise duty would be lowered, Muhith said that "the state minister is not an irresponsible person" and that "he spoke with authority and knowledge of the matter." Finance Minister Muhith further said: “Excise duties on bank deposits have been around for an eternity, but stakeholders have never said anything about it. It is only now that they have raised their voices, after we announced that we would increase the excise duty on bank deposits over Tk1 lakh.”
Also Read- Muhith: Bank excise duty long existed, we just increased it
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. FBCCI, TIB, and various other organisations clamoured over the detrimental effects of the raise.