ZCZC
JS-07
FINANCE BILL-PASSED
JS passes Finance Bill 2018
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.
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