A depositor will have to pay Tk 50,000 annually as excise duty if their deposited money crosses the limit of Tk 5 core at any time of a year, according to the proposed budget for FY2022-23.
Finance Minister AHM Mustafa Kamal made the proposal on Thursday while presenting the Tk 6,78,064 crore national budget in parliament.
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“I propose to increase excise duty to Tk 50,000 from [existing] Tk 40,000 for bank accounts, where balance at any time of the year is above Tk 5 crore,” he said in the budget speech.
Generally, the National Board of Revenue (NBR) collects excise duties on the principal amount of deposits once a year.
Excise duty on bank accounts and air tickets are collected as per provisions of the Excises and Salt Act of 1944.
