The Finance Bill 2023 was passed in Parliament on Sunday (June 25) scrapping the proposed minimum tax of Tk 2000 by TIN holders.

As per directives of Prime Minister Sheikh Hasina, the minimum tax proposal was removed considering the current inflationary pressure faced by individuals with lower incomes.

Finance minister AHM Mustafa Kamal moved the Bill and it was passed by voice vote.

Besides, the bill excluded the proposed Tk13.75 per litre specific duty on the import of 11 types fuel oils due to concerns about potential price hikes for consumers.

In response to requests from various divisions, including the commerce ministry, the government decided to maintain the previous regulations, which include a 10% customs duty.

Furthermore, the existing 7.5% VAT on the collection of aluminium scrap has been revoked.

On 1 June, the finance minister suggested a specific duty of Tk13.75 per litre for 11 petroleum products, such as kerosene, light diesel, motor spirit, and jet fuel.

Moreover, the government is considering a complete exemption of the proposed 15% value-added tax (VAT) on ball pens.

While placing the national budget on June 1, the finance minister proposed Tk 2000 as minimum tax on those who even have no taxable income but need to submit tax returns to avail different government services.

BDST: 1207 HRS, JUNE 26, 2023
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