• Friday, Oct 22, 2021
  • Last Update : 12:26 pm

Budget FY21: Prices up, prices down

  • Published at 05:25 pm June 11th, 2020
web-price
Representational photo BIgstock

Finance Minister AHM Mustafa Kamal has proposed changes to duties on different products, which will result in increase or decrease in their prices

UP

Onion: 5% customs duty each on import of bulk onions and wrapped or canned onion up to 2.5kg. Currently, there is no duty on the import of onion.

Furniture: Furniture to see 2.5% VAT hike at showrooms.

Car registration, renewal and other services: Supplementary duty (SD) proposed to be hiked to 15% from the existing 10% on all BRTA services.

Mobile services: SD hiked to 15% from existing 10% on services provided through mobile phone SIM/RIM cards including internet charge.

Chartered aeroplanes and helicopters: SD hiked to 30% from existing 25%.

AC launch travel: VAT to be doubled to 10% from 5%.

Imported cell phones: Existing duty rate proposed to be hiked.

Cosmetics: Locally manufactured cosmetics to have 10% SD from the existing 5%.

Ceramic sink and basin: 10% SD imposed at the manufacturing stage.

Industrial salt: Existing duty rate on industrial salt proposed to be hiked.

Imported honey: Natural honey in bulk to have 10% hike in customs duty and a fresh 15% VAT.

Lightning arrester: Customs duty doubled to 10% from existing 5%.

Local tobacco products: All local tobacco products including cigarette, biri, gul, jorda will see a duty hike.

Cigarette: Increase in the price of three out of the four levels of cigarettes.

Processed chicken meat: Increase in duty for imported processed chicken meat.

Pin, screws: Price of small parts including pin screws may increase as proposal made to increase import duty to encourage local production.

Routers and PCB: 5% VAT likely to be imposed on locally produced printer circuit boards (PCB), unloaded PCB and routers.

Furnace oil: Withdrawal of concession on furnace oil imports was proposed to discourage oil-based power plants.

Others: Television, online shopping, aluminium products, imported poultry goods, painting charge, cement, printer ink, raw material for glue, and lighting items also may see a hike in duty.

Down

Locally produced mustard oil: Total VAT exemption proposed.

Up to 60 AMP solar battery: VAT exemption proposed on production for Infrastructure Development Company Limited (IDCOL) partner organizations.

Potato flakes made of locally produced potatoes: VAT rate proposed at 5% from existing 15%.

Maize starch: VAT rate proposed at 5% from existing 15% on local manufacturing.

Covid-19 kits: VAT exemption proposed on import, manufacturing and trading of Covid-19 related kits.

Personal Protective Equipment (PPE) and Surgical Mask (including face mask): VAT exemption proposed on local companies’ manufacturing and trading stages.

Covid-19 medicine: VAT exemption proposed on import, manufacturing and trading.

Sanitary napkin and diaper: Customs duty to come down on import of raw materials.

Gold: Import of gold bar exempted from 15% VAT.

Yarn: Polyester, rayon and all other synthetic yarns will see reduction in price as the proposed VAT on it is set at Tk6 per kg instead of 5% overall.

SME goods: Concessions proposed on import of several raw materials used in the production of SME products.

Poultry, fisheries and dairy goods: Soybean oil cake and soy-protein concentrates for the fisheries, poultry and dairy goods likely to see decreased import duty.

Agricultural Machinery: VAT to be exempted on power reaper, power tiller operated seeder, combined harvester, rotary tiller. 

Local items: Locally made fridge, air-conditioner, cell phone, motorbike, refrigerator, plastic goods, LP gas cylinder, automobile products etc. will also see a decrease in duty.

Others: Detergent, ICU equipment, sanitizer, disinfectant spraying machine, hand operated agriculture equipment, mild steel sheet, raw materials of production based industry, artificial leather and cloths to produce shoes (shoe industry), X-ray plate, compressor raw material, petroleum goods, textile fabrics, garlic, sugar, and lubricants will likely see reduced duty.


74
Facebook 64
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail