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Minister Inu wants no excise duty on bank accounts with Tk 500,000 or less

Information Minister Hasanul Haq Inu has opposed excise duty on bank accounts with balance up to Tk 500,000.

Joining the general discussion on the proposed budget for 2017-18 fiscal in parliament on Thursday, he also called for delaying the implementation of the VAT law until next year.

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“Bank accounts with Tk 500,000 should be kept outside the purview of excise duty. This will keep the middle and lower class people happy,” he said.

Finance Minister AMA Muhith has been facing harsh criticism over the proposed budget, which was presented on June 1, from colleagues from both ruling Awami League and opposition Jatiya Party in parliament.

The budget drew criticism due to a proposed increased excise duty on bank accounts with at least Tk 100,000 and a uniform VAT of 15 percent.

Under pressure, Muhith hinted at altering the excise duty rates. Now Inu, chief of a JaSaD faction that is an ally of the government, has joined the chorus by saying bank accounts with Tk 500,000 should be free of excise duty.

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