The price of a number of products is likely to decrease as tax cut has been proposed in the budget for 2021-22 fiscal.
Finance minister AHM Mustafa Kamal made these proposals while presenting a Tk 6.03 trillion (603,681 crore) national budget for the 2021-22 fiscal year in parliament on Thursday afternoon.
Usually, proposed tax and duty cut or rise comes into effect after the announcement of the budget.
Price of following products is likely to decrease:
Sanitary napkin
Price of sanitary napkin is likely to decrease. The proposed budget for 2021-22 fiscal placed a VAT exemption at local manufacturing stage on the production of sanitary napkin plus a two-year extension of existing VAT exemption on importation of certain raw materials used for production of sanitary napkin and diaper.
Corona kit
The proposed budget also sought to continue existing exemption facility at import, manufacturing and trading stage on Covid-19 test kit, PPE and vaccine.
Sanitary pan
A proposal has been made on the withdrawal of 10 per cent supplementary duty from locally manufactured “Long Pan” to make sanitation facility cheaper for rural people.
Autism service
A proposal has been made on the VAT exemption on autism related services and the continuation of existing VAT exemption for a year on “Meditation service” to protect mental health.
Steel
A reduction has been proposed on duty tax on stainless steel from Tk 1,500 to Tk 500 a ton.
Poultry-fish feed
Price may decrease as reduction of duty and taxes of feed ingredients used in poultry, dairy and fish feed has been proposed.
Cancer drug
A proposal has been placed on reduction of duty and taxes on ingredients used in anti-cancer medicine manufacturing and API for medicine manufacturing.
Medical device
A concessional facility has been given for import of raw materials required for the production of medical products.
Local LPG cylinder
A tariff concession has been sought to import raw materials for production of liquefied petroleum gas (LPG) cylinder.
Local toys
A tariff concession has been proposed to import the equipment for production of toys locally.
Dialysis tube
Tax has been reduced on the blood tubing set used for dialysis service.