Why excise duty on bank deposits: Matia
08:19 PM, June 15, 2017 / LAST MODIFIED: 09:11 PM, June 15, 2017

Why excise duty on bank deposits, Matia asks Muhith

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Agriculture Minister Matia Chowdhury today urged Finance Minister AMA Muhith to withdraw the excise duty on bank deposits imposed in the proposed budget for the fiscal 2017-18.

“I didn’t understand why the finance minister took the initiative. The government will loss only Tk 355 crore if the excise duty is withdrawn,” she said taking part in the parliamentary discussion on the proposed budget.

According to the proposed budget, accounts with balance between Tk 1 lakh and Tk 10 lakh may be slapped with Tk 800 excise duty at any time of a year.

Criticising Muhith’s proposal for cutting interest rate on saving certificates, Matia claimed that the proposal came in line with the suggestions of International Monetary Fund (IMF).

“But who are they [IMF]. They are the international organisation who opposed financing in the Padma Bridge and subsidy in fertiliser and farm products.”

Terming IMF as a “failed organisation,” Matia said, “The countries, who followed its suggestion blindly, have fallen in danger. I oppose their suggestion.”

Pointing to loan defaulters, Matia said, “If we can bear the burden of loan defaulters, then why we will not be able to take the responsibility of lower and middle income people.”

Earlier, many parliament members, taking part in the discussion on the proposed budget on June 7, sharply criticised the finance minister for proposing the excise duty.

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