Metropolis Report-
The proposed required minimum tax of Tk 2,000 by all TIN holders to access 43 types of services has been removed thanks to the passing of the Finance Bill 2023 by Parliament.
Following the budget plan, Prime Minister Sheikh Hasina requested that the minimum tax proposal be dropped due to the continuous impact that inflation is exerting on lower-income individuals.
On Sunday, Parliament voted to approve the Finance Bill 2023. Concerns about potential price hikes for consumers also led to the bill’s exclusion of the planned Tk13.75 per liter special levy on the import of 11 different types of fuel oils.
The government decided to keep the previous regulations, which include a 10 percent customs fee, in response to pleas from several divisions, including the commerce ministry. Additionally, the 7.5 percent VAT that was formerly applied to the collection of aluminum scrap has been eliminated.
A special duty of Tk13.75 per liter for 11 petroleum products, including kerosene, light diesel, motor spirit, and jet fuel, was suggested by the finance minister on June 1. The government is probably going to waive the 15 percent proposed value-added tax (VAT) on ball pens.
