Bangladesh: Price of imported goods including fruits, alcohol, phone to increase

Published 2021년 6월 3일

Tridge summary

Finance Minister AHM Mustafa Kamal proposed changes to the Income Tax Ordinance-1984 and Income Tax Rules-1984 to increase advance income tax and tariffs on certain imports for the 2021-22 budget. The proposed changes include a 5% advance income tax (AIT) on all fruits, propeller, and cash register imports, a 20% increase in AIT on alcohol and perfumes imports, and higher customs duty on mushrooms, processed meat, areca nut, chewing gum, and various sugar confectionery. Additionally, a 15% value-added tax (VAT) would be imposed on imports of fresh or frozen meat and carrots and turnips. These changes could lead to an increase in the prices of these products for consumers.

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Original content

Prices of imported fruits, processed meat, carrot, mushroom, perfumes, cellular phones, and alcohol may go up as finance minister AHM Mustafa Kamal proposed to increase the advance income tax and tariff on import of those products.In his budget proposals, Kamal proposed to impose 5 per cent AIT on import of all kinds of fruits, propeller and cash register in the national budget for 2021-22.He also proposed to increase the import of alcohol and perfumes costlier as the budget proposed to increase the AIT on import stage to 20 per cent from current 5 per cent.He made the proposals through amending Income Tax Ordinance-1984 and Income Tax Rules-1984.Customs duty on ...

Source: Newagebd