The demand of lifts is increasing in the country. And, local industrial entrepreneurs have started investing in the lift manufacturing industry.

At present 1 per cent import duty is applicable on the import of lifts.

In the proposed budget of 2022-23 fiscal year, 5 per cent import duty has been proposed on imported lifts. This might raise the price of imported lifts.

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.