Excise duty on bank accounts is revised on PM's request

Finance Minister AMA Muhith has revised the rates of excise duty on bank accounts he proposed in the budget for fiscal 2017-18.

Muhith has now proposed Tk 150 duty on bank accounts with balance of Tk 100,000 to Tk 500,000 in place of Tk 800 he had proposed in the new budget. The existing rate of excise duty for the slab is Tk 500.

The same amount -- Tk 500 -- will be charged on bank accounts with balance of as much as Tk 1 million once Muhith's proposals placed in Wednesday's finance bill are cleared.

Muhith's earlier proposals for bank accounts with balance of Tk 1 million and above have been unchanged.

Those with Tk 1 million to Tk 10 million will be charged Tk 2,500 instead of current Tk 1,500.

Accounts that have deposits between Tk 10 million and Tk 50 million will be charged Tk 12,000 instead of Tk 7,500.

The excise duty on accounts holding over Tk 50 million will be raised to Tk 25,000 from Tk 15,000 now.

Muhith said he changed the proposal following Prime Minister Sheikh Hasina's request. "You'll have to keep in mind that the prime minister's requests are actually orders."

Rates of excise duty on bank accounts (2017-18)

Tk 100,000 or less	Tk 0
Tk 100,001 to Tk 500,000	Tk 150
Tk 500,001 to Tk 1 million	Tk 500
Up to Tk 10m	Tk 2,500
Up to Tk 50m	Tk 12,000
Above Tk 50m	Tk 25,000