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FBCCI urges to withdraw all excise duty on bank savings

  • Published at 07:29 pm June 3rd, 2017
  • Last updated at 07:46 pm June 3rd, 2017
FBCCI urges to withdraw all excise duty on bank savings
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the government to withdraw all excise duty on bank savings at a press conference on Saturday. The apex trade body also urged the government to withdraw VAT on English medium school tuition fees, goods transport, domestic courier service, and manpower supply based on outsourcing. “Excise duty increase on bank savings will discourage people from keeping their money in banks. Moreover, the money will be ulitised through informal channels, which in turn would have a negative impact on the economy. So, the government should completely withdraw all kinds of excise duty,” said FBCCI President Shafiul Islam Mohiuddin. “To implement the budget, the government should give emphasis on proper monitoring of revenue earning at the early stage of the new fiscal year. The government also has to revise the budget every year to ensure proper financing and expenditure,” Shafiul said. Praising the government's initiatives, the FBCCI president added that investment, industrialisation and employment would be “expedited if the government can fulfil the proper development of power, energy and road communication.” If the government cannot see to proper monitoring, accountability and transparency, it would be a big challenge to implement the budget for FY 2017-2018.
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