FY21-22: List of Things' Price to Go Down

In the budget for the 2021-22 fiscal year, there may be a proposal to impose or withdraw duties and taxes on various products. Due to this, the prices of many products may go up as well as some products' price may go down.

Finance Minister AHM Mustafa Kamal will present the budget (proposed) in Parliament on Thursday (June 3) afternoon.

The main theme of this year's budget is "Bangladesh on a Strong Future with a Priority in Life and Livelihood". The size of the budget of the third fiscal year of the third term of the Awami League is Tk 6 lakh 3 thousand 681 crore.

Prices of microbuses and hybrid vehicles may come down due to reduction in supplementary duty at the import stage.

For the same reason, the prices of locally produced agricultural machinery and equipment may go down.

In the proposed budget, besides the existing 22, five new services in the IT sector are being given tax exemption. The services are - Cloud Services, System Integration, E-Learning Platform, E-Book Publication, Mobile Application Development Services and Freelancing. As a result, services can be obtained from these sectors at lower prices.

On the other hand, the light engineering sector is being given such an advantage in creating industrialists to become self-sufficient by overcoming import dependence. As a result, the price of equipment in these sectors will come down.

The computer, mobile, cement and steel industries may be added to the price reduction list. Because in the proposed budget, advance tax is being withdrawn in these sectors. Prices of computer parts, mobile phones, cement and rods will also come down.

VAT exemption facility for domestic electronics industry (AC-fridge) continues. As a result, these products produced in the country can be found at lower prices.

All types of taxes have been waived on the import of coronavirus masks, PPE, gloves, goggles, virus detection kits, chemicals and medical products. This facility is continuing. As a result, such products will be available at lower prices.

Source: Weekly SD (Print Version)