Finance minister proposes duty cut for some goods and services

Prices of several commodities and services may decline as the finance minister has proposed cut in taxes and duties on them.

AMA Muhith placed his budget proposals for FY 2015-16 in Parliament on Thursday with suggestions to increases in taxes and duties of some other goods but cutting down on those for some.

However, revision of taxes and duties is not always reflected in their prices.

The products and services for which tax and duty cut has been proposed are listed below.

Glucose, cocoa-coated chocolate, white chocolate (cocoa-coated), chocolate bar, sweet biscuit, wafer, toast, jam, jelly, grease, mosquito coil, toilet paper, overcoat, car coat, cape, suit, jacket, blazer, trouser, gents shirt, underwear, brief, nightshirt and pajama, ladies blouse, shirt, shirt-blouse, jersey, pullover, cardigan, petticoat, undergarments including panty, toothbrush, spectacles and their frame,  sanitary napkin, towel, similar items for children, playing card and locally-made toys.

The minister also proposed cuts in supplementary duty on import of plastic goods from 15 percent to 10 percent.

Duty cut has been proposed for particle board.