Banks cut excise duty from customers’ account in December

Banks have deducted excise duty from customers’ accounts.

Dhaka, Jan 2  : As per the government’s directive, banks have deducted excise duty from customers’ accounts whose minimum balance reached Tk one lakh within 2021. 

 If the balance of customers’ bank accounts reached Tk one lakh within the year, banks would cut minimum excise duty ofTk150.

 According to the instruction, the banks have been deducting the excise duty from the calendar year (January-December), on behalf of the National Board of Revenue (NBR). It is then deposited in the government treasury. This year too it has been done. After deducting the duty, they deposited it in the government treasury.

 Last year (2020), NBR collected excise duty around Tk 2,500 crore.

 At present, the excise duty rate for Tk one lakh to Tk five lakh is Tk 150, Tk five lakh to Tk 10 lakh is Tk 500.

 Besides, excise duty of Tk 10 lakh to Tk 1.0 crore is Tk 3,000, while the duty is fixed at Tk 15000 for the amount of customers’ bank accounts between Tk one crore to Tk five crore.

 The NBR imposed the excise duty of Tk 40,000 for the amount of Tk five crore onward, reports UNB.