Muhith wants to change ‘excise duty’ term

Following criticism from various platforms on tax hike on bank accounts from next fiscal, Finance Minister AMA Muhith today expressed his wish to change the term “excise duty".

“The name excise duty needs to be changed. It has been there for years,” he said while talking to reporters at a programme at the Secretariat today.

Minister Muhith while placing the budget for fiscal 2017-18 on June 1 proposed raising the excise duty from Tk 500 to Tk 800 on accounts where the balance -- whether debit or credit -- exceeds Tk 1 lakh but stays less than Tk 10 lakh at any point of time during a year.