Tax will increase with bank deposit over Tk 50m

Finance minister AHM Mustafa Kamal has proposed to increase excise tax for bank accounts with balance over Tk 5,00,00,000.

The current excise tax for accounts with balance of more than Tk 5,00,00,000 at any point of the year, is Tk 40,000. The new proposed excise tax is Tk 50,000.

The finance minister said, “Excise duty on bank accounts and air tickets are collected as per provisions of the Excises and Salt Act, 1944 (Act No. 1 of 1944).

At present excise duty of Tk 40,000 is collected on bank accounts where the balance, at any time of the year, was above Tk 50 million.

"I propose to increase excise duty to Tk 50,000/- from Tk 40,000/- for bank accounts, where balance at any time of the year is above Tk 50 million," he added.