Parliament on Saturday passed the ‘Finance Bill-2013’ bringing about some changes including imposition of fine for investing undisclosed money in the housing sector instead of buying flats or plots by giving 10 percent tax as proposed earlier.
The Finance Minister came up with the changes complying with Prime Minister and Leader of the House Sheikh Hasina’s proposals in some areas.
Finance Minister AMA Muhith earlier withdrew the proposed 25 percent duty and 5 percent supplementary duty on newsprint import and re-fixed the duty at 10 percent as against existing 3 percent.
Muhith urged the domestic newspaper industry to produce quality newsprint, saying that “newspaper owners told me that they would sign deal and won’t import newsprint if they get quality newsprint from the domestic market.”
He also brought changes in the proposed package of VAT and re-fixed those at Tk 3,000; Tk 6,000; Tk 8,000; and Tk 11,000.
The Finance Minister said if anyone wants to show the previous undisclosed money, he or she will be able to legalize the money by giving 10 percent fine. “Nobody will question the source of the money.”
Meanwhile, the proposed advance VAT on the import of two types of cancer medicine has also been withdrawn.
Muhith said the government would not allow import of hybrid vehicles over 1800 cc because there was violation of the provision and many people imported heavy and big vehicles violating the waiver in hybrid vehicle import.
He, however, said no hybrid vehicle will be allowed for import without the battery charging system.
The Finance Minister said the supplementary duty on import of tea has been reduced to zero percent from 20 percent. “I reduced the rate after getting assurance from the importers for lowering the price. But, if they don’t comply with the assurance, I’ll impose the supplementary duty again.”
He also proposed to withdraw the increased supplementary duty on bidi.
Muhith said the Leader of the Opposition in Parliament can play a role in boosting investment and ensuring higher growth by “shunning” the path of violent hartal.
“You can call hartal. I don’t have objection on that. But don’t create violence and set buses on fire… the opposition leader can play a role,” he said, in his concluding speech on the proposed national budget.
The Finance Minister said if the opposition refrains from violence, they will have no cause for complaint regarding economic growth and investment.
Muhith said that he tried to concentrate on people’s welfare in preparing the budget for the next fiscal year (2013-14).
Later, the House passed the Finance Bill-2013 voice vote amid opposition objection.
