• Friday, Oct 22, 2021
  • Last Update : 11:52 am

Budget FY21: Tax on bank accounts with over Tk10 lakh goes up

  • Published at 04:22 pm June 11th, 2020
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Excise duty for accounts with a balance less than Tk10 lakh remains unchanged

Finance Minister AHM Mustafa Kamal has proposed raising excise duties on bank accounts that hold over Tk10 lakh.

A bank account with a balance over Tk10 lakh but below Tk1 crore will be charged Tk3,000 instead of Tk2,500 from the 2020-21 fiscal year.

 However, if the balance is higher than Tk1 crore, but below Tk5 crore, excise duty has been proposed to increase from Tk12,000 to Tk15,000.

For accounts with balance over Tk5 crore, the duty has been proposed to raise to Tk40,000 from Tk25,000.  

However, the excise duty rates will remain unchanged for bank account with a balance less than Tk10 lakh at any time during a year.

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