JS passes Finance Bill, 2023

The Finance Bill, 2023 was passed on Monday scrapping the much-debated proposed provision for Tk 2,000 for every TIN holders during submission of their income tax return, reports news agency UNB.

Finance minister AHM Mustafa Kamal moved the Bill and it was passed by voice vote.

The finance minister accepted some other minor proposals on the finance bill at section 2 and 2-ka.

The other amendment proposals were rejected by voice vote.

The minister accepted an amendment scrapping specific duty on import of fuel oils by reinstating the previous ad-valorem taxes (tax on value) as concerns grew over a significant hike in prices of petroleum products under the new tax measures.

The specific duty on oil import came into effect on 1 June, 2023 under the ‘Provisional Collection of Taxes Act 1931 (Act No. XVI of 1931) in the Finance Bill placed before parliament on that day.

Customs Duty, VAT and Advance Tax on import of fuels have been reinstated in the Finance Act, 2023 as those were scrapped in the bill.

The proposed value added tax (VAT) on manufacturing of ballpoint pens has been cut to 5.0 per cent from 15 per cent.

In the Finance Bill on 1 June, the finance minister proposed Tk 2000 as minimum tax on those who even have no taxable income but need to submit tax returns for securing different government services.