Dhaka, June 2: Finance Minister AMA Muhith has proposed to increase taxes and duties on a number of products and services including tobacco.
As a result, a number of goods and services will become costlier and cheaper in the next fiscal of 2016-17.
Taxes and duties on a number of products including tobacco, cigarettes, bidi, chewable tobacco, imported rice, mosquito killing bat, drawing books for children, imported talcom powder, low priced cigarette, Mobile SIM card (services) have been proposed to increase by Finance Minister AMA Muhith while placing the budget for fiscal year 2016-17 in parliament on Thursday afternoon.
Price of rapeseed cake and soya cake may be hiked as the duty was increased to 10 per cent from existing 5 per cent for production of these products locally.
Supplementary duty was also imposed on boulder stones, bars and rods and broken or crushed stones.
Taxes and duties on some products including liquefied petroleum gas cylinders, petroleum jelly, baby food sago, LED lamp and LAN (local area network) car for using Wimax and WiFi services have been proposed to lower in the proposed budget of fiscal 2016-17.
Supplementary duty on stabilizer for milk was reduced at 10% from existing 20%. Supplementary duties on coffee mate and grease have also been reduced.
The Finance Minister also proposed to cut duties on import of materials for tyre, locally assembled motorcycles, hybrid car, and cement.
The import duty on entertainment rides were also reduced.