Finance minister AHM Mustafa Kamal proposed this in his budget speech in the parliament around 3:00pm on Thursday. It was his fourth budget speech in the parliament.
He said, “In the interest of development of domestic industry and in order to discourage imports, I am proposing to withdraw lift and skip hoists from capital machinery SRO and impose 5 per cent import duty at the import stage with a total tax incidence of 31 per cent.”
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.