Coffee price may go up

As finance minister AHM Mustafa Kamal has proposed 20 per cent supplementary duty on the import of processed and ready to consume coffee in the budget of 2022-23 fiscal year, the price of coffee may go up.

The finance minister placed the proposed budget of fiscal 2022-23 in parliament on Thursday. It was his fourth budget speech in parliament.

The minister in his budget speech said, “The total tax incidence on raw roasted coffee is 89.32 per cent but the total tax incidence of processed and ready to consume coffee is 58.60 per cent. In the interest of revenue protection, I am proposing to impose 20 per cent supplementary duty on processed and ready to consume coffee at the import stage.”

This might increase the price of this product.

The total size of the proposed budget stood at Tk 6,780 billion. The government expects to bag an earning of Tk 4,362 billion in the year while the remaining Tk 2,417 billion has been shown as deficit in the budget.

The government would collect loans from domestic and foreign sources to make up the deficit.