Finance Minister AMA Muhith on Sunday said the decision on the proposed excise duty on the bank deposits will be changed when the budget will be passed in the Jatiya Sangsad, reports BSS. 

“The national budget has been proposed. When the proposed budget will be passed, many things will change.

Excise duty on bank deposits will also be changed,” he said on Sunday. The minister was talking to reporters during the Annual Performance Agreement (APA) signing with state run-banks and financial institutions at the finance ministry in the city.

He said everyone will have to wait until June 28, when the next year’s budget will be passed in Parliament.

The finance minister hinted that the term “excise duty” on bank account will be changed.

“The name excise duty needs to be changed as it has been there for years,” he added.

During the budget speech on June 1, Finance Minister AMA Muhith proposed imposition of Taka 800 excise duty instead of existing Taka 500 in cases where the balance, whether debit or credit, exceeds Taka 1 lakh but does not exceed the limit of Taka 10 Lakh. 

Similarly, Taka 2,500 excise duty will be imposed instead of existing Taka 1,500 in cases where the balance exceeds Taka 10 lakh but does not exceed the limit of Taka 1 crore; Taka 12,000 will be imposed instead of existing Taka 7,500 in cases where the balance exceeds Taka 1 crore but does not exceed the limit of Taka 5 crore and Taka 25,000 will be imposed instead of existing Taka 15,000 in cases where the balance exceeds Taka 5 crore.