Budget: Products that are getting cheaper
Own Correspondent, Dhaka, June 10: In the proposed budget for the fiscal year 2022-2023, it has been proposed to withdraw tariffs on some products. As a result, the prices of these products may go down in the country's market.
This information was given by the Finance Minister AHM Mustafa Kamal in the presentation of the proposed budget in the National Assembly on Thursday (June 9). This is the 23rd budget of the present government, the 51st budget of Bangladesh and the fourth budget of the current finance minister.
Capacity development is the main goal in the budget for the next financial year. One of the aims is to cut global risks and bring relief to people's lives with the stability of the economy. The probable size of the budget for the coming 2022-23 financial year is six lakh 78 thousand 64 crore taka.
The products that are getting cheaper are IT products, agricultural machinery and equipment, gold ornaments, wheelchairs, turnips and sugar, cashews and pistachios. Home made mobiles, braille printing and hearing aids, meditation products, home made cars, iron sheet steel products, polythene-plastic bags and water filters. Taxes or tax rates on these products have been reduced.
At present, the duty on IT products produced in the country is 5 percent. However, for the development of local industries, it has been proposed to withdraw more tariffs in this sector. As a result, the prices of all types of IT products including laptops, desktops and printers produced in the country may drop.
Advance tax on gold imports has been withdrawn for expansion of jewelery industry. As a result, the price of gold ornaments in the country's market may be lower than before. In the proposed budget, it has been proposed to abolish all kinds of duties on the import of specialized wheelchairs. In other words, there will be no duty on the import of wheelchairs. This will reduce the cost of specialized wheelchairs used by the physically challenged.
In the proposed budget, it has been proposed to exempt traders from VAT on parched rice and sugar. As a result, the prices of these two products may go down in the market. The budget has proposed withdrawal of duty on cashew nuts and pistachios imported from abroad. As a result, the prices of imported almonds and pistachios may come down in the domestic market.
Locally produced mobile handset manufacturers have been enjoying huge tariffs and VAT benefits. Where 58 percent duty is applicable on imported handsets, there the taxes for locally produced and assembled handsets are 13 percent and 18 percent respectively. The government is going to take a decision to continue this facility in the proposed budget.