Changes proposed in slabs for excise duty on bank deposits

Finance Minister AH Mahmood Ali on Thursday proposed some changes in the excise duties imposed on bank deposits.

He made the proposals while placing the proposed budget for 2024-25 fiscal in Parliament.

However, there will be no change in the excise duty on deposits up to Tk 10 lakh.

Currently the existing slab ranging from Tk 10 lakh to Tk 1 crore, has an excise duty of Tk 3000. The Finance Minister proposed that for amounts from Tk. Ten lakh one to Tk Fifty lakh, an excise duty of Tk 3000 will be imposed.

Then for amounts from Tk 50 lakh one to Tk 1 crore, an excise duty of Tk 5000 will be imposed.

In the existing slabs deposits ranging from Tk 1 crore to Tk 5 crore, attract an excise duty of Tk 15,000.  The finance minister proposed that for amounts from Tk 1 crore to Tk 2 crore, an excise duty of Tk 10,000 will be imposed. The for amounts from Tk 2 crore one to Tk 5 crore, an excise duty of Tk 20,000 will be imposed.

Mahmood Ali also proposed to keep the amount of excise duty unchanged for the slab exceeding Tk five crore.

He also proposed the exemption of excise duty on the accounts of the depositors or foreign lenders kept in the Offshore Banking Units under the jurisdiction of the Offshore Banking Act.