Finance Minister AMA Muhith has said that he will not withdraw the added excise duty on bank account transactions above Tk1 lakh because people who have such amount in the bank are affluent.
Muhith proposed Tk800 excise duty on bank account debits and credits between Tk1 lakh and Tk10 lakh in the budget for fiscal year 2017-18 on Thursday. The duty increases after Tk10 lakh.
“Those who put Tk1 lakh in bank, they are rich people in the context of our country. They can afford this additional burden, there will be no problem,” said Muhith.
The finance minister was addressing a post-budget briefing at Osmani Auditorium in the capital on Friday.
Muhith said imposition of excise duty limit has been increased from Tk20,000 to Tk1,00000. Earlier, account holders had to pay Tk150 for a transaction of Tk20,000.