Staff Reporter :
Finance minis Finance Minister Abul Hassan Mahmood Ali, while unveiling the national budget for the fiscal year 2024-25 in parliament on Thursday, announced decreases in VAT and tax on several products.
As a result, prices of these products might decrease. However, the number of products with increased VAT or tax exceeds those with decreased rates.
Laptop
In his budget speech, the finance minister recommended waiving the 15 percent VAT applicable at the import stage on laptops. This change will reduce the total tax incidence from 31 percent to 20.5 percent.
Powdered Milk
The price of powdered milk has been high for a long time. According to the Trading Corporation of Bangladesh (TCB), the price per kilogram of powdered milk ranges between Tk 790 to Tk 800. This price might decrease due to the withdrawal of supplementary duty on this product. “We propose to withdraw the existing 20 percent supplementary duty on
packed powdered milk up to 2.5 kg,” said the minister.
Dialysis
Prices of dialysis might decrease as import duty has been lowered on dialysis filters and circuits. “Dialysis filter and dialysis circuit are two essential components used in the dialysis of kidney patients. I propose reducing the existing import duty from 10 percent to 1 percent on the import of these two products,” the finance minister stated.
Dengue Kits
The price of dengue kits is likely to drop due to some concessions on imports. “For the past few years, dengue outbreaks are often seen in the country and the situation is reaching an alarming level every year. Therefore, I propose to issue a new notification in the budget for the financial year 2024-25 to import dengue kits at concessional facilities,” said the minister.
Others
Other products that might see a price fall include raw materials for cancer drugs, dry fruit, mushrooms, green tea, and coffee.