No excise tax on school banking

Finance Minister AMA Muhith on Tuesday resisted the excise duty ( excise tax) he proposes on bank accounts and said school banking activities will be out of its prevalence.

Under fire within his party for the budget he has proposed for 2017-18 fiscal, Muhith has stamped the excise duty as a “legendary step” of the government.

In a scripted reply to lawmakers’ queries at parliament, Muhith repeated that there will be no excise duty imposed for bank balance amounting up to Tk 1 lakh.

“There will be no impact on school banking activities due to excise duty,” Muhith told the parliament.