Muhith won’t reconsider excise duty on bank account

The decision of imposing excise duty on bank account in the proposed budget will not be cancelled as the people who keep Tk 1 lakh or its up in bank are affluent enough in the society, Finance Minister AMA Muhith said today.

Accounts with balance between Tk 1 lakh and Tk 10 lakh may be slapped with Tk 800 excise tax at any time of a year.

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“It is very difficult to give a definition of rich men. But I know the people who keep Tk 1 lakh or more into their bank accounts are capable of bearing the expenditure of the excise duty,” Muhith said at a post-budget press conference in the capital's Osmani Memorial Auditorium this afternoon.

Responding to a query, he said the price of rice has gone up recently due to the impact of the natural calamity instead of the impact of the proposed national budget.

“We will control the market through importing rice,” he added.

When asked about the gas price, he said it will be costlier if the dependence on importing gas goes up.

Responding to a query about 15 percent uniform VAT, the finance minister again claimed that the prices of goods will not go up as a total of 1043 products have been kept out of purview of the VAT.

Highlighting pros and cons of the proposed national budget, Muhith claimed that he gave the best budget of his life. “I have told in my speech that all the budgets are highly ambitious.”

He said he did not keep any provision in the proposed budget for whitening black money. The existing rule will remain active in this regard.    

He called upon the businessmen not to increase prices of their goods intending to gain profit.

Responding to another query he said, “I must place Awami League’s budget upholding its political principle and ideology. But every budget is given upholding the people interest and that has been done.”    

About corruption in banking sector, he said corruption takes place in many foreign countries. “We have already taken the situation under control,” he added.    

Taking part in the press conference, Planning Minister AHM Mustafa Kamal called upon the people to accept the national budget saying the budget it will ensure win-win situation for all.

Industries Minister Amir Hossain Amu said his government is trying to understand the people’s pulses through the press conference over the proposed national budget.