Published: 06:47 PM, 13 June 2019
Imported gold, locally made bread, biscuit and agricultural machinery will see a price drop once the cut in taxes and duties on the products are passed.
Finance Minister AHM Mustafa Kamal has proposed the changes in his maiden national budget for 2019-20 fiscal year in keeping with the electoral pledges of the Awami League.
Prices of packaged liquid milk, powdered milk, natural honey, olive oil, processed mixed food, electric motors, optical fibre cable, flasks, bottles, jars, pots, glasses, plates, electric ovens, and stoves are likely to go up as he has proposed a rise in duties on them.
The finance minister has proposed an increased duty on smartphone import to 25 percent from 10 percent while the cost of using mobile phones may rise as Kamal wants the duty on them raised to 10 percent from 5 percent.
Car owners may have to spend more for registration, route permit, fitness certificate, and ownership certificate as 10 percent supplementary duty has been proposed on the charges or fees. The move aims at easing traffic jam by limiting purchase of cars.
Buses, trucks, lorries, three wheelers, ambulances and school buses will not ne slapped with this supplementary duty.
For ice-cream lovers, the bad news is that 5 percent duty is likely to be imposed.
Smokers, as usual, are going to pay more in cash besides suffering the health effects as the government aims to maximise revenue from the sector and reduce health risks..
The price of every 10 sticks of cigarette has been proposed between Tk 37 and Tk 123, and the supplementary duty between 55 and 65 percent.
The products likely to get cheaper are bread, biscuit, and cakes priced below Tk 150.
Kamal also proposed VAT exemption for locally made agricultural machinery which is likely to bring their prices down.