June 16, 2015
Sugaronline | http://goo.gl/CJmTZ7
Finance Minister AMA Muhith has made another change to his proposed budget for the next fiscal beginning next month, according to Bangladesh's News24.
According to the amendment, no tax will be charged on imported dry chilli, oil seed, refined and unrefined edible oil, rice, wheat, and refined and unrefined sugar.
The minister said he made the correction and so there was no need in Parliament to discuss the issue.
"In my budget speech I have proposed widening the tax net and rationalisation of the tax rate. The detailed directives based on that have a mistake," he told MPs on Monday.
The finance minister presented a nearly BDT3 trillion (US$38.7 billion) national budget for 2015/16 on June 4.
On Monday, Muhith told Parliament, "I have said in the budget proposals that tax at source for dry chilli, oil seed, refined and unrefined edible oil, rice, wheat, and refined and unrefined sugar will be reduced from 3% to 2%."
"The word ‘at source' triggered a serious problem. This is making the market unstable."
He said he was bringing the amendment so that the market remained stable.
"I declare that no tax -- that is, no two% tax at source -- will be imposed on the import of these products."
Earlier, Muhith also amended a ‘mistaken' budget proposal seeking a tax hike on sugar imports.