Finance Bill 2023 was passed on Sunday (June 25, 2023), dropping the much-debated proposed provision for Tk 2,000 for every TIN holder during submission of their income tax return.
Finance Minister AHM Mustafa Kamal moved the bill and it was passed by voice vote.
The finance minister accepted some other minor proposals on the finance bill in section 2 and 2-Ka.
The other amendment proposals were rejected by a voice vote.
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The finance minister accepted an amendment scrapping specific duty on import of fuel oil by reinstating the previous tax on value as concerns grow over a significant hike in prices of petroleum products under the new tax measures.
The specific duty on oil imports came into effect on June 1, 2023, under the ‘Provisional Collection of Taxes Act 1931 (Act No. XVI of 1931) in the Finance Bill placed before parliament on that day.
Customs Duty, VAT and Advance Tax on the import of fuels have been reinstated in the Finance Act 2023, as those were scrapped in the bill.
The proposed value-added tax (VAT) on the manufacturing of ballpoint pens has been cut to 5 percent from 15 percent.
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In the Finance Bill on June 1, the finance minister proposed Tk 2,000 as minimum tax on those who have no taxable income but need to submit tax returns for availing government services.