Banks deduct excise duty from customers’ account in December

As per the government’s directive, banks have deducted excise duty from customers’ accounts whose minimum balance reached Tk 0.10 million within 2021.

If the balance of customers’ bank accounts reached Tk 0.10 million within the year, banks would cut the minimum excise duty of Tk 150.

According to the instruction, the banks have been deducting the excise duty from the calendar year (January-December), on behalf of the National Board of Revenue (NBR).

It is then deposited in the government treasury. This year too it has been done. After deducting the duty, they deposited it in the government treasury.

Last year (2020), NBR collected an excise duty of around Tk 25 billion.

At present, the excise duty rate for Tk 0.10 million to Tk 0.50 million is Tk 150, Tk 0.50 million to Tk 1.0 million is Tk 500.

Besides, the excise duty of Tk 1.0 million to Tk 10.0 million is Tk 3,000, while the duty is fixed at Tk 15,000 for the amount of customers’ bank accounts between Tk 10.0 million to Tk 50.0 million.

The NBR imposed the excise duty of Tk 40,000 for the amount of Tk 50.0 million onward.