Finance minister: Bank deposit exciseduty likely to decrease

14 Jun,2017

Finance minister AMA Muhith has categorically said that the excise duty on bank deposits is likely to decrease, as per the demands of stakeholders concerned.The finance minister made the comment onWednesday, after a meeting of the Cabinet Committee for Public Purchase at the Cabinet Division Auditorium.Also Read- ‘Excise duties on bank accountscould be reduced’When asked about State Minister for Finance MA Mannan’s comment that the excise duty would be lowered, Muhith said that “the state minister is not an irresponsible person” and that “he spoke with authority and knowledge of the matter.”Finance Minister Muhith further said: “Excise duties on bank deposits have been around for an eternity, but stakeholders have never said anything about it. It is only now that they have raised their voices, after we announced that we would increasethe excise duty on bank deposits over Tk1 lakh.”Also Read- Muhith: Bank excise duty long existed, we just increased itOn June 1, Minister Muhith proposed the national budget for the fiscal year 2017-2018. A 60% increase in excise dutieson bank accounts was part of the budget.FBCCI, TIB, and various other organisations clamoured over the detrimental effects of the raise.

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