Sangsad Bhaban, Jun 27, 2018 (BSS) – The Finance Bill 2018 was passed in Parliament today with some changes, including lowering of VAT on internet services, continuation of VAT
exemption on computer and its parts and increase the tariff of cigarettes.
In his winding up speech, Finance Minister AMA Muhith proposed reduction of the VAT on internet services to five percent from the proposed 15 percent.
The Finance Minister also exempted additional VAT above 5 percent on assembling mobile phone sets.
He increased the price of ten-stick low category cigarettes from Taka 32 to Tk 35 while increased the high-category ten-stick cigarettes to Tk 105 from Tk 101.
He increased the price of ten-stick low category cigarettes from Tk 32 to Tk 35 while increased the high-category ten-stick cigarettes to Tk 105 from Tk 101.
He also increased the tariff rate of per gram Jarda at Tk 1.20 while that for Gul is Tk 0.60.
AMA Muhith waived the supplementary duty from petroleum jelly considering its wide range usage during the winter season by the rural and marginal people.
He also removed the ten percent supplementary duty on filament bulb as energy bulbs are still costly for the poor and marginal people.
He withdrew seven percent additional VAT on locally produced motor cycles.
He increased the import duty of bulk Filled Milk Powder from 10 percent to 25 percent like previous time to protect the local milk industries. Import of Dry Mixed Ingredient, which used as the healthy element to fill up the nutrition deficit, was increased to 15 percent from 10 percent. He scrapped the proposal and the rate will be the same like previous year.
Taking part in the general discussion of the proposed budget Prime Minister Sheikh Hasina said,“Through implementing the budget Bangladesh will be able to advance one step further.”
She also said that this year Bangladesh will be able to achieve the 7.8 percent growth.
Sheikh Hasina said that there was no criticism on the proposed budget this time.
Muhith lowered the import duty from 15 percent to ten percent on Unprinted PVC Sheet that is used for SIM card or Smart card.
He also lowered the regulatory duty of double cabin pick-up 2000-3000 cc from existing 25 percent to 20 percent.
Finance Minister AMA Muhith moved the finance bill which was passed by voice vote in the House.
Before the passage of the bill, the Finance Minister winded up the marathon general discussion on the proposed budget for 2018-19 fiscal.
Muhith expressed his high hopes to implement what he termed his best budget and was highly optimistic to achieve the target of 7.8 percent GDP growth in the forthcoming fiscal.
In his winding speech, Muhith said the achievement of the present government towards implementing the budget in the outgoing fiscal is laudable, especially there has been significant
development on utilization of foreign assistance. Besides, the project directors have been empowered towards budget implementation from the next fiscal.
About the education sector, the veteran Minister said allocations would be made from July 1 next for enlistment of MPO after withholding that system over the last nine years.
“At the same time, some allocations will be made in each area to change the MPO system while some additional allocations will be made to make new class rooms demolishing the old and dilapidated education institutions,”he added.
Taking part in the budget discussion, Prime Minister Sheikh Hasina said that there was no criticism on the proposed budget this time. “Through implementing this budget Bangladesh will advance one step further,” she said.
Opposition bench members Fakhrul Imam, Nurul Islam Omar, Kazi Feroz Rashid, Nurul Islam Milon and Rawshan Ara Mannan, and Independent MP Rustam Ali Farazi proposed
publishing the bill for eliciting public opinions.
The Finance Minister moved the bill which was passed by voice vote.
The bill was introduced in the House on June 7.
The House accepted some amendments of the Finance Bill, 2018 brought by M Shahiduzzaman Sarkar of (Naogaon-2).
Later, the proposals for publishing the bill for eliciting public opinions and amendments were rejected by voice vote.