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The Financial Express

Excise duty on bank deposit

| Updated: October 23, 2017 09:45:26


Excise duty on bank deposit

THE BANKING sector of Bangladesh may be in for trouble due to increased excise duty on bank deposits as proposed in the next year's budget. Small and medium level depositors will shy away from saving in banks and withdraw their deposits. Common people will be interested to use the non-bank financial services. The tyranny of multipurpose, co-operative society, NGO and un-registered financial institutes will increase. They will misappropriate people's money and eventually banks will face liquidity crisis. As a result, businessmen will not get required bank credit for investment. Small and medium entrepreneurs will be at business risk. The prosperity of the country is likely to be in jeopardy. 
No tax is imposed on the interest of savings certificates. This will keep the common people off from banks. The time is not yet up and I hope the government will realise the matter and revoke the proposed excise duty or at least a part of it.  
Md. Ruhul Amin
Asstt.Vice President
Islami Bank Bangladesh Ltd.
Beanibazar Branch, Sylhet.
[email protected]

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