• Tuesday , 22 Aug 2017
Published : 06 Jun 2017, 20:29:52 | Updated : 06 Jun 2017, 22:11:49AA-A+

Excise duty not new, defends Muhith

Special Correspondent
Finance Minister AMA Muhith on Tuesday said the excise duty is not the new one on bank deposits in the country.

Finance Minister came up with the comment while responding criticism from the lawmakers over imposing excise duty on bank deposits in the Parliament today.

'The excise duty on bank deposits has been imposed for several years and the tax rate is being increased slightly in the upcoming fiscal year's budget,' he defended in the JS.

Earlier on June 1, Finance Minister AMA Muhith unveiled Bangladesh’s national budget worth about Tk 4,00,226 crore for the 2017-18 financial year.

In the proposed national budget, growth target has been set 7.4 percent while inflation has been projected as 5.5 percent.

The size of the budget is Tk 4,00,226 crore, the biggest budget yet, while the total expenditure will be Tk 2,87,991 crore. The budget will have a deficit of Tk 1,12, 275 crore, which is 5 percent of the GDP.

The new budget is the country's 46th national one and the 18th of the Awami League government while Muhith’s 11th.

Muhith also placed two national budgets during HM Ershad’s regime in the early 80s.

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