Bangladesh Budget 2022-23: More tax hike for the well-off | Daily Star
Skip to main content
T
Thursday, March 30, 2023
The Daily Star
E-paper Today's News বাংলা
  • Home
  • News
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Feature
    • Lifestyle
    • Arts & Entertainment
    • Showbiz
    • Star Health
    • Satireday
    • Shout
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights
  • E-paper
  • বাংলা
Search Epaper T
  • Today's News
  • Home
  • News
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Feature
    • Lifestyle
    • Arts & Entertainment
    • Showbiz
    • Star Health
    • Satireday
    • Shout
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights

  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
Bangladesh

Budget 2022-23: More tax for the rich

Excise duty on account balance over Tk 1 crore to increase
Rejaul Karim Byron
Thu Jun 2, 2022 08:00 AM Last update on: Thu Jun 2, 2022 02:45 PM
Bangladesh National Budget 2022-23
Star file photo

Bank accounts with upwards of Tk 1 crore in balance are set to face a higher excise duty next fiscal year as the government looks to collect more taxes from the relatively well-off to get close to the lofty revenue collection target.

In fiscal 2022-23, banks will deduct Tk 18,000 as excise duty from accounts with a balance between Tk 1 crore and Tk 5 crore in credit or debit at any time of the year, The Daily Star has learnt from finance ministry officials involved with the proceedings.

For all latest news, follow The Daily Star's Google News channel.

At present, the excise duty for such balance is Tk 15,000.

There were 165,951 bank accounts with a balance of Tk 1 crore and Tk 5 crore in debit or credit at the end of last year, according to data from the Bangladesh Bank.

The excise duty on accounts with a balance of upwards of Tk 5 crore will see a 12.5 percent increase to Tk 45,000 next fiscal year.

There were 54,219 accounts with such balance.

The excise duty will remain unchanged for the other slabs.

At present, there is no excise duty on account balance of up to Tk 2 lakh, in debit or credit, at any time of the year; for balance between Tk 3 lakh and Tk 5 lakh, the excise duty is Tk 150.

For balance between Tk 5 lakh and Tk 10 lakh, the excise duty is Tk 500. Accounts that have more than Tk 10 lakh but less than Tk 1 crore any time during a year face a Tk 3,000 deduction as excise duty by banks.

Bank accounts are the biggest source of excise duty, which saw the second-highest growth in collection in the first 10 months of the fiscal year, according to data from the National Board of Revenue.

Between July last year and April this year, Tk 2,811.6 crore was collected as excise duty, up 23.6 percent year-on-year.

The NBR is hoping to collect Tk 3,685.7 crore in excise duty this fiscal year.

Given the elevated inflation level and the recuperating economy, the NBR's options for tax hikes to meet fiscal 2022-23's collection target of Tk 370,000 crore -- its biggest yet -- are down to squeezing the rich.

The government is already planning a hike in duty for luxury items.

And the planned hike in excise duty on high balance accounts is not welcome by bankers.

"The receipts from imports would see a jump because of the spike in value and there has been decent growth this year too. So what was the need for this?" said a chairman of a bank asking not to be named.

The high-value accounts are mostly savings accounts and given people's purchasing power has decreased, a hike in excise duty would be a fresh blow.

"I would urge the government not to do this," he added.

Related topic:
taxincome taxBudget 2022-23FY 2022-23Revenue collectiongovt tax collectionnational budget 2022-23Bangladesh National Budget 2022-23Bangladesh National Budget
Apple Google
Click to comment

Comments

Comments Policy

Related News

9 out of 10 Bangladeshi children want more education, health allocation: Unicef survey

Tax-free

Tax-free dividend ceiling to rise to Tk 50,000

Bangladesh Parliament

Budget session for fiscal year 2022-23 begins at parliament

Eto'o faces massive tax fraud charges

imported luxury items tax

Bringing back black money: Will amnesty work at all?

৪ ঘণ্টা আগে|অপরাধ ও বিচার

প্রথম আলো সম্পাদকের বিরুদ্ধে ডিজিটাল নিরাপত্তা আইনে মামলা

ডিজিটাল নিরাপত্তা আইনের ২৫, ৩১ ও ৩৫ ধারায় মামলাটি দায়ের করা হয়।

৬ ঘণ্টা আগে|দুর্ঘটনা ও অগ্নিকাণ্ড

সৌদিতে বাস দুর্ঘটনা: হাসপাতালে চিকিৎসাধীন-চিকিৎসা নিয়েছেন যে ১৬ জন

The Daily Star
Journalism without fear or favour
  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
© 2023 thedailystar.net | Powered by: RSI LAB
Copyright: Any unauthorized use or reproduction of The Daily Star content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
X