Ultra-rich to pay more excise duty on bank accounts
In the budget for FY2022-23, the government has proposed raising excise duty on bank balance above Tk5 crore.
"At present excise duty of Tk40,000 is collected on bank accounts where the balance, at any time of the year, was above Tk5 crore. I propose to increase excise duty to Tk50,000/- from Tk. 40,000/- for bank accounts, where balance at any time of the year is above Tk5 crore," Finance Minister AHM Mustafa Kamal said while placing the budget today.
The finance minister has placed Tk6,78,064 crore national budget for FY23 at Jatiya Sangsad according top priority to safeguarding marginal people from inflation fuelled by the Russia-Ukraine conflict.
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This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.
The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.
